EU's AI Act Takes Effect on August 1, 2024, Setting Global Precedent for AI Regulation

Aug 1, 2024, 11:21 AM

The European Union's Artificial Intelligence Act, the world's first comprehensive AI regulation, has officially come into force as of August 1, 2024. This landmark legislation aims to ensure the responsible and ethical use of AI technologies by setting stringent requirements for high-risk AI systems. The Act emphasizes transparency, accountability, and trust, with the goal of fostering innovation while protecting fundamental rights. Businesses operating within the EU, including major corporations like Unilever, have been preparing for compliance by implementing rigorous assurance processes. The AI Act also introduces new obligations for entities within the EU, with full provisions becoming applicable by mid-2026. Industry experts and leaders, such as Ali Shah from Accenture UK, highlight the importance of trust and responsible AI development under this new regulatory framework. Additionally, the EU, UK, and U.S. have issued a joint statement on the importance of ensuring competitive and fair markets in the AI industry.