The E.U.'s AI Act, effective February 2, 2025, introduces mandatory compliance requirements for businesses, particularly targeting AI misuse. Non-compliance can incur fines reaching 7% of global turnover. Certain practices, including AI social scoring, biased risk assessments, and unauthorized biometric identification, are now banned. Kirsten Rulf, an architect of the Act, highlights the need for companies, especially financial institutions, to ensure their AI practices don't infringe these regulations. Additionally, firms must cultivate AI literacy within their teams to support sustainable AI adoption, with a Code of Practice expected in April 2025 to further guide compliance.
The E.U.'s AI Act now imposes legally binding requirements on businesses, with fines up to 7% for non-compliance, focusing on prohibited AI practices.
Kirsten Rulf emphasized that organizations must ensure their workforce possesses adequate AI literacy, facilitating an AI-driven culture vital for compliance.
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