Law compliance platform Global Screening Services (GSS), received an investment of 47 million dollars announced.Investment tour Commonwealth Bank of Australia (CBA) and existing investors MUFG Bank, Cynosure Group with AlixPartners participated.
The company received an investment of 37 million pounds in the investment tour it held last year. MUFG Bank, Cynosure Group and AlixPartners participated in the investment tour last year.
By the way, let us note that Tom Scampion, co-founder and CEO of GSS, was a general partner of AlixPartner in the past. In fact, Scampion, who was previously head of financial crimes at Deloitte’s EMEA arm, left the institution in 2020 to become a general partner of AlixPartner.
The investment in Global Screening Services is not surprising in the recent period when the trade restrictions and asset blocks adopted by the USA against a number of states, especially Russia, China and Iran, have increased.
GSS’s sanctions screening platform aims to help banks and other financial institutions comply with regulations. These institutions transfer transaction data to GSS’s cloud-based platform. This way, the platform issues an alert when it finds a match against a set of standardized sanctions lists from around the world. GSS also augments those lists with additional data points. These additional data points include dates of birth, International Maritime Organization (IMO) numbers for ships, and data from local financial transfer systems of sanctioned countries such as Russia and China.
GSS also offers enhanced lists for screening, including those that are partially owned by individuals, companies, or governments sanctioned by the U.S. Office of Foreign Assets Control (OFAC), the European Union, or the United Kingdom.
Banks and financial institutions’ use of platforms such as GSS protects them from paying high penalties. With the new investment it has received, GSS is preparing to present its platform, which is currently under development, to its customers.
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