Residents will no longer have to fill out forms when requesting up to $3,000 worth of foreign exchange.

Previously the Bermuda Monetary Authority (BMA) required residents to fill out the forms if they needed up to $3,000 in cash at the banks and deposit companies.

They didn't need to fill out the forms if they were doing any other foreign exchange transaction below $3,000. BMA General Manager Malcolm Williams said eventually the forms would be done away with altogether once the Government implements proposed new money laundering legislation.

Then the onus will be on the issuer to control the flow of foreign exchange and determine whether the money is being requested for legitimate purposes.

BUSINESS BUC