Key Takeaways from EU's New AI Act for Business Leaders

The European Union has passed the AI Act, implementing some of the toughest AI regulations globally. This legislation creates new obligations for businesses operating in the EU, affecting not only those based there. It will take up to 24 months to be fully enforced, with penalties for breaches and fines of up to 30 million euros. The use of AI for purposes deemed harmful has been prohibited, with additional regulations for high-risk AI and an emphasis on transparency. This signifies the beginning of more AI regulations globally, urging business leaders to be prepared for future changes and build a positive culture around ethical AI.