On August 1, 2024, the European Union’s AI Act came into force—the world’s first legal framework regulating artificial intelligence. Designed to balance innovation and risk, this regulation introduces a series of staggered compliance deadlines, with most provisions becoming fully applicable by mid-2026. However, some prohibited AI uses, such as real-time biometric surveillance in public spaces, will be banned within six months. Fines for non-compliance will also be severe, reaching up to 7% of global annual turnover for violations involving banned AI applications. The AI Act’s compliance obligations are still evolving, but organizations must start preparing now. The act introduces risk-based classification for AI systems and imposes specific requirements on developers and providers, particularly in regulated industries like financial services. In the meantime, a lot has been written about this regulation. Supporters praise the EU’s proactive stance, emphasizin...
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