The Tribune

A Bahamian risk and compliance specialist is urging financial institutions to monitor how effectively staff recognise and report unusual activity following a 50 per cent increase in suspicious transaction reports (STRs) submitted in 2025.

E. Tyrone Neely, chief executive of Accord Ready, nevertheless asserted that the STR surge revealed in the Financial Intelligence Unit’s (FIU) 2025 annual report provides encouragement as it signals that financial services executives are applying greater scrutiny to the transactions they are processing.

The annual report, tabled in the House of Assembly last month and reported on by Tribune Business, revealed a 50.26 percent year-over-year increase in STR filings from 933 in 2024 to 1,402 in 2025.

Digital asset businesses submitted 483 STR reports, up from 72 the previous year, and accounting for around 88 per cent of the overall increase. Banks remained the largest reporting sector, filing 716 STRs compared to 676 in 2024.

Money laundering was the most frequently reported suspected offence, rising from 71 reports in 2024 to 283 last year, with a further 91 relating to money laundering using digital assets.

“Businesses should use these findings to ask whether their systems are sufficiently robust, and whether employees are equipped to recognise unusual activity, and know what to do when they encounter it,” said Mr Neely. “That responsibility extends beyond the compliance department to front office client-facing staff, and the back office operational staff.”

Accord Ready said that, while the figures reflect suspected activity and do not establish that a financial crime has occurred, or that offences increased at the same rate, the higher reporting volumes suggest greater vigilance.

The findings come at a time of heightened international scrutiny of The Bahamas’ anti-financial crime defences following the recently-completed Caribbean Financial Action Task Force (CFATF) examination of this framework.

Mr Neely, whose experience spans banking, regulatory supervision, accounting and risk management, said the findings provide an opportunity for financial institutions to assess whether training translates into effective action.

“A business may have comprehensive policies and systems, but employees remain responsible to identify unusual activity and report,” he said. “Training should help them recognise those circumstances, understand the information they need to record and know how to escalate a concern.”

Accord Ready said it has released its 2026-2027 online anti-financial crime training programme, ‘Emerging risks, evolving controls, ateady fundamentals’. The programme covers anti-money laundering, terrorist financing, proliferation financing, fraud and risks associated with artificial intelligence (AI) and digital assets.

The firm added that it has also expanded its catalogue with dedicated corporate governance and workplace ethics programmes. Governance topics include Board responsibilities, risk assessment, internal controls, business continuity and outsourcing.

Mr Neely said employee awareness must be supported by clear reporting procedures and effective oversight from management and Boards.

“Boards should be assessing how effectively controls are being applied, and whether staff training is keeping pace with emerging risks,” he said. “Employees also need confidence that when they raise a concern, it will reach the right person and receive appropriate attention.”

Accord Ready said each module may be completed within an hour, and combines practical scenarios with a timed assessment. The online training is accessible at any time. Successful participants receive a certificate, while companies receive completion records to support their compliance training documentation.

Mr Neely said: “For decades, The Bahamas has sought to create an environment to protect its reputation in the financial industry through regulation and oversight. The landscape, however, is constantly moving. The challenge is to be aware of these emerging risks, anticipate them even, applying evolving controls under the shield of steady fundamentals.”