The Cook Islands Banking Act 2011 and Financial Transactions Reporting Act 2017 provides comprehensive security and confidentiality for customers of CSB.
These acts are in line with international banking standards, and compliance with the acts is testing once a year during an annual onsite supervisory review.
The annual supervisory visit conducted by both the FSC and FIU on top of testing compliance with the above-mentioned acts comprises of a thorough testing of internal policies and procedures, internal risk controls, accounting, strategic planning, quality of senior management and directorship.
Going hand and hand with the Cook Islands Banking Act 2011 and Financial Transactions Reporting Act 2017, banks must comply with several prudential statements which cover everything from Capital Adequacy, Liquidity Risk Management, Fit and Proper Persons, Management of Operational Risk etc.
Compliance with these statements is confirmed by CSB each quarter to the FSC.
A full copy of all the Cook Islands financial providers legislation and prudential statements is available at the FSC and FIU website via the below links,
https://www.fsc.gov.ck/cookIslandsFscApp/content/regulatory-framework/legislation
https://www.fsc.gov.ck/cookIslandsFscApp/content/regulatory-framework/prudential