The Government says changes to child banking requirement - are one step in its new anti-money laundering regime

It says current rules designed to prevent serious crime can make it too hard to sign children up to a bank.

Associate Justice Minister Nicole McKee says parents have to compile excessive legal information, and banks must regularly monitor transactions of new accounts.

She says today's commonsense reforms are more risk-based.

She says they include removing address verification for many - and relaxing due diligence requirements.