Commonwealth Bank has invested in a start-up working with global banks to create standards for screening cross-border payments against international sanctions lists.
CBA, which has put an executive onto the board of the three-year-old London-based Global Screening Services, joins Japanese bank MUFG as a shareholder after backing its $US47 million ($72 million) capital raising.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
