Last Updated on May 12, 2024 by Editorial Team Author(s): Taimur Ijlal Originally published on Towards AI. The New AI Law will be a game-changer. Here are some common issues you want to dodge. The EU AI Act is here, and the world of AI regulations will never be the same. Heralded as the first true “AI Law,” the EU AI Act is expected to have the same impact on AI as the GDPR did on data privacy many years ago. The EU is typically at the forefront of legislation, which is why many countries globally use their regulations as benchmarks to follow. Rest assured, the impact of the EU AI Act will not be restricted to just Europe but will be felt globally. The act smartly takes a risk-based approach to categorizing AI systems The simple rule is that the more risky the AI system .. the more obligations will be on its providers and deployers. Any AI system that attempts to manipulate people or discriminate based on race or religion sneakily is straight-up banned. High-risk systems are the main focus of the act and require rigorous checks (called “conformity assessments”) to be carried out. These systems will also be monitored once placed on the market, and reassessments will occur whenever major changes occur. Fines, just like with GDPR, are also no joke, with penalties of upto EUR 30 million or 6% of the company’s global revenue. The first step to prepping for… Read the full blog for free on Medium. Join thousands of data leaders on the AI newsletter. Join over 80,000 subscribers and keep up to date with the latest developments in AI. From research to projects and ideas. If you are building an AI startup, an AI-related product, or a service, we invite you to consider becoming a sponsor. Published via Towards AI