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Banking Amendment Act 2015

COOK ISLANDS

Banking Amendment

2015 No. 7

Examined and certified by: Clerk of the Parliament
In the name and on behalf of Her Majesty Queen Elizabeth the Second I hereby assent to this Act this 21st day of December, 2015

Queen's Representative

Contents

1. Title
2. Commencement
3. Principal Act amended
4. Section 4 amended
5. Section 54(2) amended
6. Section 54(6) amended

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An Act to amend the Banking Act 2011

The Parliament of the Cook Islands enacts as follows-

1. Title

This Act is the Banking Amendment Act 2015.

2. Commencement

This Act comes into force on the day after the date it is assented to by Queen's Representative.

3. Principal Act amended

This Act amends the Banking Act 2011.

4. Section 4 amended

Section 4 is amended by adding the following definition after the definition of "credit"—

• "customer has the same meaning as is given to that word in section 2 of Financial Transactions Reporting Act 2004"

5. Section 54(2) amended

Section 54(2)(d) is repealed and substituted with the following —

• "(d) the disclosure is made with the consent in writing of the licensee or person concerned; or
• (da) the disclosure is made with the consent in writing of a person who is a signatory on the relevant account; or".

6. Section 54(6) amended

Section 54(6) by adding the following paragraph after (d) -

• "(e) information provided by a customer pursuant to section 4 of the Financial Transactions Reporting Act 2004".

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This Act is administered by the Financial Supervisory Commission

Printed under the authority of the Cook Islands Parliament - 2015.