Friday, 30 July 2021
JFGT (20210728-05:26:06 to UTF-8) ART 129 en => da
Banks of the Cook Islands. Offoshornye account
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Legislation on banking, describing, including the process of obtaining licenses and bank secrecy law represented the Offshore Banking Act 1981 and the Banking Act 2003 Section 4 of the Banking Act 2003 provides for three types of licenses, and namely: a license to conduct banking activities in the country, a license for the international banking activity and a limited license to access for international banking.

Licence to carry out banking activities in the country allows the licensee to carry out banking activities in the Cook Islands with residents or arriving on the island of persons in any currency. This provision applies to the three local banks have so far licensed under the Banking Act 1969 (now repealed). The license for the International Banking Act allows a licensee to carry out banking activities with non-resident of the Cook Islands or with international companies, partnerships and trusts established by or registered in the Cook Islands in accordance with the Law of the International Companies Act, the International Trusts Act, or international partnerships. Until now, such banks are licensed in accordance with the Law of the Offshore Banking Act 1981-82. Which is now canceled. Limited license to conduct international banking is a new category of licenses issued to foreign banks with a license issued by domestic jurisdictions that intend to carry out banking activities in the Cook Islands. These license holders may only work in the Cook Islands through trust companies, licensed under the Law on Trust Companies. With the adoption of Act 2003, all applications for licenses must now be submitted to the established Commission for Financial Supervision. Licensed banks are required annually to submit their financial statements audited.

Financial Institutions

1.) ANZ Bank Limited, Cook Islands, was established in 1988 and is wholly owned by ANZ Banking Group Limited (ANZ), - an Australian company listed on the stock exchange. This bank offers a full range of commercial and retail banking services. ANZ has branches in eight member countries of the Pacific Islands Forum (Cook Islands, Fiji Islands, Kiribati, Papua New Guinea, Solomon Islands, Samoa, Tonga and Vanuatu). In October 2001, ANZ acquired a controlling stake in Bank of Kiribati Ltd. And announced plans to extend the activities on the island of Fiji, Papua New Guinea and Vanuatu after the completion of the development operations of the Bank of Hawaii in these countries, which is expected by the end of 2001 bank also recently launched its activities in the Pacific island countries as East Timor and American Samoa.

2.) Cook Aylendz s Bank was established in June 2001 by the merger of Cook Aylendz Divelopment Bank (founded in 1979) and Cook Aylendz Seyvingz Bank. The Bank s Cook Aylendz owned by the government of the Cook Islands and provides loans for the development of domestic business and commercial banking services. Bank merged with the Cook Aylendz Seyvingz Bank and adopted the name of the Bank s Cook Aylendz at the end of June 2001

3.) WESTPAC Bank, Cook Islands, is wholly owned by WESTPAC Banking Corporation Australia s (WESTPAC) and was opened in 1998, when WESTPAC has acquired a valid Europian Pacific Banking Corporation. Today WESTPAC BANK (Cook Islands), offers a full range of banking services in the retail, commercial, international and trade activities. The Bank also has a currency exchange office at the International Airport, where accepted and traveler's checks. Representation of the bank is also on the island of Aitutaki.

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