Understanding the EU AI Act.

The European Union AI Act is a proposed legislation that will govern the use of artificial intelligence in Europe. It will classify AI tools according to their perceived level of risk and impose different obligations on governments and companies using them. The Act will cover anyone who provides a product or service that uses AI, including public sector and law enforcement. Those found in breach of the AI Act face fines of up to 30 million euros or 6% of global profits, whichever is higher. The Act is expected to be passed this year, but there is no concrete deadline.