By Fay Simmons

Tribune Business Reporter

jsimmons@tribunemedia.net

The Financial Intelligence Unit (FIU) yesterday revealed more than 600 suspicious transaction reports (STRs) have been submitted to the agency for 2025 to-date.

Joann Creary, the FIU’s legal counsel, told the Gaming Board’s licensees there has been a steady increase in such reports received by the agency since 2022, demonstrating improved internal controls and reporting training.

“The numbers have been going up every year. In 2022, we had at least over 700 STRs. In 2023 the number went up and, in 2024, the number is more than that. Up to date right now, we have surpassed 600 STRs in 2025,” said Ms Creary.

Speaking specifically on the gaming industry, she added that 85 STRs have been received from casinos between 2022 and 2025, while two STRs were received from web shop gaming houses during the same time period.

For the local gaming sector, she noted that the client risk is medium-to-high, due to patrons being locals who usually stake small amounts of cash unlike casinos that cater to international citizens with high net worths.

“When we look at the domestic sector, the client-based risk is considered to be medium-high because we’re dealing mostly with locals. There have been two STRs filed from the gaming houses between the years of 2022 to 2025,” said Ms Creary.

“Casino’s client risk base is high. That’s without a question. That’s not going to change mostly because we are dealing with clients who have a high net worth in most cases. We are also dealing with clients that are not local. They are international individuals. So this puts their risk context a little bit higher. We have had 85 STRs filed in the casino sector between 2022 and 2025.”

Ms Creary said demonstrating effectiveness will be key factor in successfully completing the upcoming Financial Action Task Force (FATF) mutual evaluation as many jurisdictions have demonstrated they are compliant through legislation.

She added that ensuring licensees are implementing adequate staff training, and are aware of the industry’s inherent risks, will also improve The Bahamas’ chances of successfully completing the evaluation.

“This fifth round is going to focus on effectiveness, not technical compliance, because we’ve all got that. We could, if we want that legislation passed tonight… we can get that, but when it comes to effectiveness, we’re going to have an issue because effectiveness we can’t show that overnight,” said Ms Creary.

“We have six months to implement what we have to implement, and start showing the effectiveness from that point, and that is where our concern lies. So yet again, we’ve got to make sure we hold people accountable but, on top of that, a part of making sure that we mitigate its risk is training, making sure that everyone has the understanding, and making sure that we are all singing from the same hymnal.

“We have to make sure that we all know what is going on within this space in order to make it through this mutual evaluation.”