Vanquis Banking Group Taps FinScan in Major AML Revamp
Vanquis Banking Group has selected FinScan as its new AML technology partner. This marks a significant step in the specialist lender’s push to strengthen financial crime controls amid rising regulatory scrutiny.
The FTSE-listed group primarily serves customers with non-standard credit profiles. They said the new platform would enable real-time and retrospective name screening. It will allow sanction list monitoring and enhanced due diligence capabilities. The deployment is designed to replace legacy infrastructure. It will streamline the bank’s compliance functions. This is essential as the volume and complexity of AML obligations increase.
Paul Blackmore, Head of Financial Crime at Vanquis, said the FinScan platform offered “a highly scalable, flexible, and configurable solution.” This platform enables the bank to operate with a “centralised, consistent approach to financial crime risk.”
The decision comes as regulators tighten enforcement on financial institutions’ responsibilities under AML and KYC regimes. The Financial Conduct Authority has issued warnings in recent quarters. The Prudential Regulation Authority has also warned about deficiencies. These include monitoring of high-risk clients and politically exposed persons.
FinScan, a unit of Innovative Systems, has expanded aggressively across Europe over the past 24 months. Its platform enables institutions to consolidate fragmented screening processes. They can deploy risk-based configurations. These configurations align with evolving rules across multiple jurisdictions.
Steve Maul, Chief Revenue Officer at FinScan, said the firm was “proud to be partnering with Vanquis.” They aim to deliver intelligent AML risk detection at scale. He described the bank as “a forward-thinking institution committed to proactive compliance.”
The financial terms of the agreement were not disclosed.
Vanquis is joining a growing list of UK and European banks. They are opting to modernise their AML capabilities by adopting cloud-based RegTech platforms. Analysts say the trend reflects broader pressures in the financial services industry. There is a need to cut compliance costs. At the same time, improving detection accuracy and regulatory responsiveness is essential.
“Compliance teams are increasingly under pressure to do more with less,” said an industry consultant familiar with the Vanquis deployment. “What used to be back-office record-keeping is now a front-line defence mechanism. Systems like FinScan are built to meet that challenge.”
Vanquis declined to comment on specific implementation timelines. They indicated the rollout had begun. This rollout would support future compliance innovation across the group.
