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ARTICLE · 09 AUGUST 2024

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The EU Artificial Intelligence Act: What Businesses Should Know

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The EU introduced its first AI Regulation (EU Regulation No. 2024/1689 on artificial intelligence) on 1 August, 2024.

European UnionTechnology
Sumi Nadarajah
Sumi Nadarajah
Rachael Berry
Rachael Berry

The EU introduced its first AI Regulation (EU Regulation No. 2024/1689 on artificial intelligence) on 1 August, 2024. This Act aims to strike a balance between reducing AI-related risks and promoting the use of AI, whilst ensuring the EU remains a global leader in AI innovation and investment. Businesses have 3 years to fully comply with the legislation, with all key obligations to be in place within the next 24 months.

What it does

The Act focuses heavily on protecting people's health, safety and rights from the risks associated with AI. It categorises AI based on risk, breaking this down into four risk categories. This risk-based approach represents a key objective of the EU to remain competitive and have proportionate regulation of AI. It is designed to ensure that AI is applied safely and that the obligations that are required under the legislation does not act as a deterrent against the safe application of AI.

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