Google has announced that it will be making a significant change to its search engine, with artificial intelligence (AI) playing a central role. This change, powered by their new AI technology called Gemini, promises to dramatically improve search results by allowing users to process complex searches all at once and provide detailed views without having to click on links. How does this affect AML and compliance?
Changes in Google's Search Engine
Google's new search functionality, known as “AI Overviews”, will allow users to instantly get an overview of the best yoga studios in their city, including details such as services offered and distance from a particular neighborhood. This technology can perform searches and required research that would normally take minutes or hours, within seconds. Using this new AI tool , Google is making search results more efficient by adding related results to the original search.
Influence on SCOPE FinTech Solutions' Search Engine Screening
SCOPE FinTech Solutions uses search engines to conduct client screening and risk identification. Planned changes to Google's search engine may affect the operation of SCOPE's search engine screening.
With AI overviews, SCOPE can benefit from more detailed and faster search results, which can increase the efficiency of the screening process. This can lead to better search results and more accurate risk indications that will be easier to detect. AI technology can provide comprehensive answers, which can lead to a deeper understanding of different situations. Information that is normally hard or impossible to find will be found with Google's AI Overviews. This makes it possible to conduct more thorough research into the background of clients and transactions, essential for compliance with the Wwft.
Although AI-based search results offer many advantages, the reliability of the AI remains a concern. AI technology is known to make mistakes, and it remains to be seen to what extent Google is able to minimize this.
The announced changes to Google’s search engine may present both challenges and opportunities for SCOPE FinTech Solutions. With a watchful eye, we look forward to opportunities to improve search results and increase the efficiency and accuracy of client investigations. AI Overviews is currently already available for use in the U.S., but when exactly this feature will come to the Netherlands, is not yet known.
