Global Screening Services (GSS), a provider of transaction screening, has completed a Series A2 funding round raising over $47 million (£37 million). The investment will support the London-based company’s transition from a development to operational phase as its cloud-native platform prepares to go live with inaugural clients.
Originally incubated by AlixPartners, GSS tackles the complexity of sanctions with a platform that operates as a collaborative hub, bringing together financial institutions and industry partners to deliver efficient and effective transaction screening for sanctions.
AlixPartners is an existing investor in the company, along with Cynosure Group and financial institution MUFG. An addition in this funding round is Commonwealth Bank of Australia (CBA). The company will continue with its advisory board of more than 30 global financial institutions that has worked together since 2021 to create a common technology framework and agree standards for the financial sector.
Tom Scampion, CEO and co-founder of GSS, says: “GSS is well positioned to deliver improved regulatory compliance and an enhanced customer experience.”
As part of its investment in GSS, CBA will join the company’s main board as an observer. The bank will be represented by its executive general manager of financial crime compliance, John Fogarty. He says: “We’re excited about the potential of GSS with its global reach and look forward to seeing how CBA can potentially use the technology to continue to prevent sanctioned parties from accessing and moving money into or out of Australia.”
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