Country Manual Private Banking – Cook Islands – BRP Update 2024
BRP has updated its Country Manual Private Banking for Cook Islands out of bank’s country of establishment (DEF, RS, BT and RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | No |
| New Position of the Authorities | No |
| Evolution of Expert’s Interpretation | Yes |
Regulatory Template, Regulatory Summary and Behaviour Template
Material changes
We have reviewed the documents and been in contact with our local counsel and can confirm that there have been no relevant significant regulatory changes in respect of cross-border activity since the last publication of this country manual. Please note however that according to our local lawyer even on-site meetings in the Cook Islands with the purpose of socialising and the provision of credit cards should be avoided. The relevant sections in the Country Manual have been modified accordingly.
Non-material changes
The documents have been reformatted onto the latest template. Some content have been reworded, without introducing material changes, to provide more clarity.
Impliction for business relations with third parties
The documents having been reformatted onto the latest template, this section now provides more answers, notably to better distinguish between the provision of documentation to the EAM for its own use and provision of documentation for its subsequent distribution to end-clients.
Regulatory Summary
This document has now a more user-friendly layout and reflects the changes contained in the RT.
BT Short Comparison
BRP has created a comparison document allowing users to quickly identify the modifications made compared to the previous version of the PB Manual (BT Short Comparison). The BT Short Comparison can be found on BRP’s platform (mybrponline) in the Search tab by entering in the Document Field “CM PB BT SHORT COMP” and “COOK ISLANDS” in the Target Country Field.
The BT Short Comparison should be read as follows:
The first column contains a short description of the activity in question. The second column contains the answers of the previous version of the Country Manual (online until the day of the alert). The third column contains the new answers of the most recent version of the Country Manual. Only the modified answers are displayed (in color). If the answers in the new version are unchanged compared to the previous version, they are shaded in grey.
For more information, please contact us: info@brpsa.com
Geneva, March 8th 2024