Vanquis Banking Group chooses FinScan to optimise AML processes

By Gloria Methri

FinScan®, a provider of advanced anti-money laundering (AML) compliance solutions, has signed a deal with UK-based Vanquis Banking Group, an FTSE All Share specialist bank, to enhance its AML processes and financial crime risk management.

FinScan’s unified platform centralises AML processes, offering real-time and retrospective name screening to improve operational efficiency and customer visibility. Its advanced, customisable matching technology enhances accuracy, scalability, and explainability by integrating diverse data sources for more comprehensive risk assessments.

Paul Blackmore, Head of Financial Crime at Vanquis Banking Group, said, “At Vanquis, compliance and operational efficiency are core to our commitment to responsible lending. Partnering with FinScan allows us to harness advanced technology that aligns with our business goals. Its scalability, configurability, and centralised capabilities make it the ideal solution to optimise our AML processes and support our growth.”

“Unlike off-the-shelf solutions, FinScan offers tailored AML compliance capabilities designed to meet the bank’s specific needs, including simplifying simulation matching for KYC onboarding and monitoring,” said Steve Maul, Chief Revenue Officer of Innovative Systems, Inc. “This partnership marks a significant step forward in further strengthening the bank’s resilience against financial crime while maintaining its unwavering commitment to customer-centric innovation.”

Trusted by hundreds of organisations worldwide, Innovative Systems, Inc.’s FinScan® offers advanced Anti-Money Laundering (AML) compliance technology and consulting solutions. Built on decades of experience in data management and proprietary matching technologies, FinScan provides a data-first, risk-based approach to ensure unparalleled accuracy and efficiency in identifying and reducing risk, accelerating AML compliance workflows, and optimising team productivity.

FinScan’s comprehensive, integrated platform includes Know Your Customer (KYC), sanctions screening, risk scoring, data quality, and advisory services for implementing a holistic compliance program. FinScan offers flexible deployment, including SaaS, on-premise, and hybrid options. Its SaaS clients screen more than 300 billion names a year.