Bank
Our cash account is a foundation for your private banking experience, providing you with flexibility, accessibility and control of multiple currencies, fixed deposits and global money transfers
Thanks to its globally-recognised asset protection legislation and world-class financial regulation, Cook Islands is a compelling proposition for individuals, companies, trusts and foundations looking to safeguard their financial assets over the longer term.
Cook Islands is the globally pre-eminent jurisdiction for the establishment of asset protection trusts, foundations, and corporate structures.
Cook Islands bank regulation, regulatory oversight and prudential requirements are on a par with those of the most advanced jurisdictions globally (e.g. UK). Cook Islands is rated higher by FATF for anti-money laundering procedures than Jersey, Guernsey, or British Overseas Territories.
Cook Islands was the first jurisdiction to enact legislation specifically for the protection of assets, which has been tested and upheld repeatedly by the courts.
Cook Islands is a sovereign jurisdiction, well suited to international clients seeking asset protection with full tax transparencyin a fully compliant and internationally-recognised regime.
Cook Islands is a sovereign nation of 15 islands in the South Pacific ocean, south-west of Tahiti and south of (and in the same time-zone as) Hawaii. It is a parliamentary democracy based on the Westminster model of government. The Head of State is the ruling British monarch.The jurisdiction is particularly noted for the world-class standards of financial regulation and the quality of its legal system (in terms of both its asset-protection legislative framework and the expertise of its judiciary in such matters).
Cook Islands has promulgated comprehensive legislation to combat money laundering and terrorist financing. The legislation can be found on the Cook Islands‘ Financial Intelligence Unit’s website.
The OECD’s Asia Pacific Group on money laundering has rated Cook Islands in the top 20% of 165 nations (higher than New Zealand or Australia) for the implementation of international regulatory standards.
In 2016, the Cook Islands national financial regulator, the Financial Supervisory Commission, released a letter detailing the regulatory standards to which financial institutions are subject. This letter can be viewed here.
Privacy and secrecy are different concepts. Secrecy in the form of numbered accounts, bearer shares, anonymous accounts, nominee owners and prohibition of account holder disclosure are things of the past.
CSB and the Cook Islands require complete information on our customer so that we know them, can verify the information we base our knowledge on, and understand their business aims and transactions.
Cook Islands financial institutions are bound by strict laws regarding client data privacy and confidentiality. CSB also maintains and adheres to a strict internal privacy policy regarding client information. Details on the policy can be found here.
The Cook Islands Financial Supervisory Commission (FSC) and Financial Intelligence Unit (FIU) ensure that financial institutions of the Cook Islands are operating within applicable laws and regulations. They were established in 2003 and 2002 respectively, as independent agencies of the Government of Cook Islands.
The FSC as national financial regulator is the licensing and supervisory authority for all Cook Islands financial institutions and financial services, and operates the national company register.
The FIU collects, analyses, and shares financial information and intelligence on suspected financial crime and other serious offences with domestic and internationalbodies and authorities.
The Cook Islands Banking Act 2011 and Financial Transactions Reporting Act 2017 underpin and protect the Cook Islands banking and financial services sectors from bad actors and financial or other serious crime by adopting the highest international legal and regulatory standards. Compliance with the acts is regularly tested by the FSC, including at least one on-site full supervisory / regulatory review each year, during which CSB’s internal policies and procedures are also reviewed.
The FSC has promulgated a series of comprehensive bank prudential statements with which Cook Islands banks must comply, and dealing with important aspects such as capital adequacy, liquidity risk management, fit and proper persons, and operational risk management.
Compliance with these statements is confirmed quarterly by CSB to the FSC.
Full copies of all the Cook Islands‘ financial providers’ legislation and prudential statements are available at the FSC and FIU website at links below:
https://www.fsc.gov.ck/cookIslandsFscApp/content/regulatory-framework/legislation
https://www.fsc.gov.ck/cookIslandsFscApp/content/regulatory-framework/prudential