Contributors to this round included AlixPartners, Cynosure Group, and a new participant, Commonwealth Bank of Australia (CBA).

This investment aligns with the company's shift from its developmental stage to becoming operational, as its Cloud-native platform is set to debut with its first clients.

GSS has garnered robust support from its existing investors, affirming their belief in the company's potential and achievements so far. Its shareholder composition boasts two leading financial entities, MUFG and CBA, underscoring the industry's acknowledgement of GSS's capability to elevate compliance benchmarks.

GSS is set to persist with its specially convened Advisory Board, comprising over 30 global financial institutions. Since 2021, this board has collaborated to forge a universal technology framework and establish standards for the finance sector, aiming to boost compliance and processing efficiency throughout the industry.

This funding landmark signifies a crucial phase for GSS as it embarks on its operational journey, implementing its forward-thinking RegTech solutions. The recent capital injection positions GSS to fulfil its ambition of redefining regulatory compliance worldwide.

Initiated by AlixPartners, GSS harnesses cutting-edge technologies to set new benchmarks in compliance as financial institutions navigate the complexities of the sanctions environment. Amid increasing volumes of cross-border transactions, the platform serves as a cooperative nexus, uniting financial bodies, and industry allies to streamline and enhance transaction screening for sanctions.

Looking forward, GSS's innovations are set to transform the sanctions screening process, tackling the current delays affecting millions of payments by enhancing efficiency and minimising false positives.

Dedicated to uplifting industry standards through the development of impactful technological solutions, GSS aims to drive efficiency, expedite transaction processing, and significantly lessen customer inconvenience.

Tom Scampion, CEO and Co-Founder of GSS, expressed enthusiasm about the funding round, stating: "GSS is uniquely positioned to deliver improved regulatory compliance and an enhanced customer experience. We're delighted to have closed this funding round and to be working with such incredible partners to take GSS to market."

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 Financial Crime Compliance, John Fogarty.

Fogarty said: “Banks play a critical role in combating financial crime and protecting their customers, the community and integrity of the financial system. We’re excited about the potential of GSS with its global reach and look forward to seeing how CBA can potentially utilise this technology to continue to prevent sanctioned parties from accessing and moving money into or out of Australia, whilst also speeding up the millions of international payments for our customers.”  

Randal Quarles, Chairman and Co-Founder of The Cynosure Group, commented on the funding round: "As an investor committed to fostering innovation, we at The Cynosure Group are thrilled to continue our partnership with GSS. The strides made since our initial investment underscore the company's potential to revolutionise the sanctions screening industry. We look forward to supporting GSS in their continued journey towards solving critical challenges with ingenuity and impact."