London RegTech GSS Raises $47M to Assist Banks in Screening for Global Sanctions

GSS, a company specializing in regulatory compliance solutions, recently raised $47 million in funding, with significant backing from major financial institutions such as the Commonwealth Bank of Australia (CBA) and Mitsubishi UFJ Financial Group (MUFG). Founded by Tom Scampion, who previously held key roles at Deloitte and AlixPartners, GSS offers a sanctions-screening platform designed to help banks and financial institutions comply with global regulations.

Financial institutions face significant challenges in ensuring compliance with sanctions and anti-money laundering laws, given their role in facilitating global financial transactions. GSS’s platform addresses this by providing a cloud-based solution where institutions can input transaction data for screening against standardized sanctions lists from various regulatory bodies worldwide.

GSS’s platform goes beyond basic screening by enriching sanctions lists with additional data points, such as dates of birth and International Maritime Organization (IMO) numbers for ships. It also offers enhanced lists for screening, including entities that are partly owned by sanctioned individuals, companies, or governments.

The company’s latest funding round signifies strong investor confidence in the regulatory compliance sector, which has seen continued investment in recent years. With the additional funds, GSS aims to transition from the development phase to full operational status, preparing to onboard its first customers and deliver its compliance solutions at scale.