The European Union’s Artificial Intelligence Act (AI Act) is considered to be the world’s first comprehensive horizontal legal framework for AI. It provides for EU-wide rules on data quality, transparency, human oversight, and accountability. With challenging requirements, significant extraterritorial effects, and fines of up to 35 million euros or 7% of global annual revenue (whichever is higher), the AI Act will have a profound impact on a significant number of companies conducting business in the European Union.
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