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Simplified Process: New Reforms Make Opening Bank Accounts for Children Easier

3 weeks ago | 387 views

Associate Justice Minister Nicole McKee is making changes to the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act that will make it easier for parents to open bank accounts for their children. “Opening a bank account for children should be a simple and positive step toward teaching them the value of saving. Unfortunately, regulations designed to prevent serious crimes can make the process unnecessarily difficult,” says Mrs McKee.

Tags: Nicole McKee Minister bank accounts children regulations reforms banks New Zealanders red tape