Off-shore banks in the Cook Islands, also known as international banks, are licensed by the Financial Supervisory Commission to carry on international banking business in or from the Cook Islands.
The Commission prudentially regulates all banks in the Cook Islands in accordance with the Banking Act 2003 .
Off-Shore Banks in Rarotonga and the Cook Islands
International banks are required to have a physical presence in the Cook Islands; that is, the Commission must be satisfied that the bank has or will have premises in the Cook Islands and that it does or will carry on banking business under its licence from those premises.
This involves two elements:
- Firstly that it has suitable office premises for the purpose.
- Secondly that its establishment is commensurate with the nature and size of its business.
That means that the Commission must be satisfied that the Cook Islands operations are not merely booking offices with the real operational control and management situated offshore.
View more about offshore banking in Rarotonga and the Cook Islands.