Changes to anti-money laundering act
Parents should find it easier to open a bank account for their child under changes to the government's anti-money laundering policy.
Associate Justice Minister Nicole McKee made the announcement this afternoon with Acting Prime Minister David Seymour.
Mckee said the changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act - designed to prevent serious crimes - would make opening an account for children easier, as regulations designed to prevent serious crimes "can make the process unnecessarily difficult".
"A parent who wants to open an account for their eight-year-old child needs to gather and verify a long list of information including their child's address, date of birth, name, and their own authority to act on their child's behalf.
"The Act also requires banks to obtain the nature and purpose of the business relationship, evaluate whether further due diligence is required, and monitoring the child's transactions on an ongoing basis."
She said changes to the Anti-Money Laundering and Countering Financing of Terrorism Act amendment would mean banks could use a simpler process when the risk was low - for example, when a child's bank account had appropriate transaction limits.
"All that could be required is a birth certificate to confirm the child's name and date of birth, and prove the relationship to the parent. They could also skip the intrusive and unnecessary questions about the 'nature and purpose' of the account, and reduce or forego ongoing monitoring of a child's banking activity, until the account's settings are changed (eg removal of transaction limits when a child turns 18)."
The government had also directed the future supervisor of the Act to release clear guidance on how to apply these simple checks, she said.
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