The startup intends to use the funds to accelerate growth, expand operations and its business reach.
Global Screening Services, regtech business in London, UK, offers a platform to screen transaction data from financial institutions, wins $45 million in funding. To provide simplified compliance screening for sanctions, the platform makes use of technology, including artificial intelligence, as well as an ecosystem of financial institutions and business partners. Along with raising standards, GSS will boost productivity, quicken transactions, and significantly lessen friction for bank clients.
“Sanctions screening is both an international security imperative and one of the major sources of friction in the global payment system – at a time when consumers and businesses are increasingly demanding real-time settlement,”
said Tom Scampion, CEO of Global Screening Services.
The latest round of funding was led by AlixPartners, The Cynosure Group, and MUFG and the new funds raised will be used for accelerating growth, expand operations and its business reach.
In addition, Randal Quarles, co-founder and chairman of The Cynosure Group, former chairman of the Financial Stability Board and vice chairman of the Federal Reserve System, has joined the GSS board. The GSS Board will have William Langford, Global Head of Financial Crimes Compliance and Chief Compliance Officer for the Americas, as an observer.
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