Financial Supervisory Commission of the Cook Islands

1.Nature of Institution: 

Government agencies

2.Organization History:

The Cook Islands Financial Supervisory Commission FSC(Financial Supervisory Commission) was established on 1 July 2003 to replace the former Financial Services Commission. On 1 July 2012, the Cook Islands Financial Intelligence Unit (FIU) merged with the FSC.

3.Regulatory functions:

The Cook Islands FSC is an independent body responsible for regulating regulated financial entities and financial services in the Cook Islands;

It includes the Board of Directors, Commissioners, Head of the Financial Intelligence Unit and its staff, Inspectors and Registrars of International Companies and International Trust Companies;

It is the licensing authority for all financial institutions, including banks, insurance companies (including captive companies), exchange and remittance services and trust companies;

It manages the registration of international and foreign companies, limited liability companies, international trusts, international partnerships and foundations.

FIU's function is to assist the Cook Islands in the prevention, detection, investigation and prosecution of money laundering, financial terrorism and other serious offences.

4.Regulatory Objectives/Scope:

The Cook Islands FSC is committed to being a financial regulator of excellence, integrity and support for the development of the Cook Islands Financial Services Centre.

1. Regulatory Framework: Cook Islands Currency Exchange Licensees and Remittances Act 2009

2. Record requirements:

Each licensee must keep a complete English version of all books, accounts, records and registration information relating to the contract for a period of 6 years from the commencement of the transaction. Any licensee who breaches this requirement will be liable to a fine of not more than NZ $5,000 (inclusive).

Generally speaking, FSC-regulated broker profile will be found at the Money-Changing & Remittance Businesses page on FSC website. Try to find it and check if it will match the info from the broker website.

The detailed steps are as follow:

1. Click on the website:https://www.fsc.gov.ck/cookIslandsFscApp/content/business-contacts/money

2. After entering the website, we can see the information of currency exchange licensees regulated by the FSC of Cook Islands (which can provide leveraged foreign exchange services), currency exchange and remittance licensees.

Upon inquiry by email, the Cook Islands FSC will only review the internal management and systems of the company under its supervision upon receipt of a complaint;

The FSC does not assist in resolving complaints and disputes between companies under its supervision and their customers.

Therefore, when you have a complaint, you can only directly contact the foreign exchange platform to help solve.