“Global Sanctions Screening: London’s Regtech GSS Secures $47M Funding for Banks”

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Global Screening Services (GSS), a London-based regulatory compliance platform that helps financial institutions meet their global sanctions obligations, 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. Banks often find themselves at the forefront of sanctions enforcement, given their role in controlling the flow of money around the globe. GSS sells a sanctions-screening platform to help banks and other financial institutions comply with regulations.

Russian Citizen Accused of Masterminding Medibank Ransomware Attack Faces US Sanctions

The U.S. government sanctioned a Russian national for allegedly playing a “pivotal role” in the ransomware attack against Australian health insurance giant Medibank that exposed the sensitive information of almost 10 million patients. The breach is believed to have impacted several high-profile Medibank customers, including senior Australian government lawmakers. The U.S. Treasury Department sanctioned Ermakov shortly after the Australian government imposed first-of-its-kind sanctions against the Russian national. According to the U.S. Treasury, REvil ransomware has been deployed on approximately 175,000 computers worldwide, garnering at least $200 million in ransom payments. The FSB’s surprise operation came just months after the U.S. Department of Justice charged a 22-year-old Ukrainian citizen linked to the REvil ransomware gang due to his alleged role in the Kaseya attack.