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Governance, Risk, Audit & Privacy · Intermediate

EU Artificial Intelligence Act (EU AI Act)

EU Regulation 2024/1689 establishing risk-based rules for AI systems and general-purpose AI models.

Definition

The AI Act entered into force on 1 August 2024 with staged application: prohibitions and AI literacy from 2 February 2025, general-purpose AI obligations from 2 August 2025, and most high-risk obligations from 2 August 2026, with product-embedded high-risk systems following in 2027. The Commission's 2025 Digital Omnibus proposed delaying some high-risk deadlines, so current dates should be confirmed. Penalties reach 35 million euros or 7 percent of global turnover for prohibited practices.

Example

A European bank classifies its credit scoring model as high-risk and prepares a conformity assessment.

Exam tip

Risk tiers: unacceptable (prohibited), high-risk, limited risk (transparency), and minimal risk.

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