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London regtech GSS raises $47M to help banks screen for global sanctions
Global Screening Services, a London-based regulatory compliance platform, has raised $47 million in a round of funding.
The raise comes amid a spike in economic sanctions, with the U.S. issuing trade-restrictions and asset-blocking against states including Russia, China, Iran, and more. The company actually raised a similar amount of funding last year from big-name backers including Japan’s Mitsubishi UFJ Financial Group (MUFG), one of the world’s largest banks. The problem that GSS is looking to solve is that banks often find themselves at the forefront of sanctions enforcement, given their role in controlling the flow of money around the globe.
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