British bank Vanquis Banking Group is rolling out a new platform to strengthen its anti-money laundering (AML) processes and financial crime risk management.

Through a partnership with data management and AML compliance solutions specialist Innovative Systems, the bank is centralising its AML processes through a unified platform to provide greater accuracy, scalability and explainability through the integration of diverse data sources.

The unified platform integrates various critical AML processes, including sanctions screening, know your customer (KYC) checks, adverse media screening, payment screening and risk scoring.

It also allows the bank to perform due diligence checks, monitor transactions, and investigate potential risks through a single interface.

“At Vanquis, compliance and operational efficiency are core to our commitment to responsible lending,” said Paul Blackmore, head of financial crime at Vanquis Banking Group.

He added that the new platform will enable the firm to improve its advanced technology capabilities to boost growth.

The move comes after the bank recorded a “pivotal year” in the turnaround of the business in 2024.

The bank laid out a new strategy in March last year, with the organisation saying that it had made “substantive progress” in its transformation team.

The strategy included the introduction of a new experienced leadership team, with progress made on an expanded product range and improved technology capabilities, such as the rollout of AI tools.

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