Global Screening Services (GSS), headquartered in London, has announced a fresh infusion of $47m.
This significant financial boost is led by a noteworthy investment from the Commonwealth Bank of Australia (CBA), with additional support from Cynosure Group and AlixPartner, according to a report from TechCrunch.
At its core, GSS offers a cutting-edge sanctions-screening platform dedicated to aiding banks and other financial entities in adhering to global regulatory mandates. This cloud-based solution meticulously analyzes transaction data, issuing alerts whenever it identifies a potential match within a comprehensive and standardized array of global sanctions lists.
Furthermore, GSS enhances these lists with additional information such as birthdates, International Maritime Organization (IMO) numbers for vessels, and specifics from the financial transfer systems of sanctioned nations like Russia and China, thereby providing a more nuanced and effective compliance tool.
The backdrop to GSS’s latest funding round is a global financial landscape increasingly characterized by stringent regulatory demands. Fines for non-compliance with sanctions can be astronomical, as evidenced by the hefty penalties imposed on major banks in recent years. This environment underscores the critical importance of advanced compliance solutions like those offered by GSS.
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