The world’s first AI regulation is here
Hot off the press. The European Parliament has just adopted the world's first regulation on AI.
The AI Act will regulate various aspects to ensure AI's ethical and responsible use, protect fundamental rights, and foster trust in AI technologies. The regulation addresses high-risk AI applications, such as facial recognition, biometric identification, critical infrastructure management, and educational or employment decisions. The AI Act also aims to increase transparency, accountability, data protection, and human oversight in regards to the use of AI, which in turn will require clear documentation of AI systems, risk assessments, and compliance to specific technical standards.
The European Parliament's vote on the AI law is a stepping stone towards completing the legislative process. If all goes well, the AI Act is expected to enter into force in mid-2024, with enforcement likely to start in mid-2026.
Once enacted, the AI Act will have far-reaching implications for the AI landscape in the European Union. Therefore, it remains crucial to keep abreast of the development of the AI Act and watch out for future updates. If a company fails to comply, it could face fines of up to €30 million or 6% of global profits.
We will continue to keep you informed as the situation progresses.