The EU AI Act is Here: Essential Compliance Deadlines for Your Business

The AI Act’s phased implementation allows companies time to adjust, but the requirements are rigorous. High-risk AI systems, such as those used in healthcare, law enforcement, and critical infrastructure, will face the most stringent regulations. These include ensuring data quality, implementing anti-bias measures, and conducting comprehensive risk assessments. Non-compliance can result in hefty fines, up to €35 million or 7% of global annual revenue for serious breaches [1][2].

The European Union’s landmark Artificial Intelligence regulation, known as the EU AI Act, has been officially published in the EU Official Journal. This significant milestone sets the clock for the enforcement of new legal standards designed to regulate AI applications based on their risk levels. As of July 12, 2024, the AI Act is now formally published, and it will come into force on August 1, 2024, initiating transition periods that enable organizations to adapt to the new compliance regulations [1].

Key Compliance Deadlines

With the Act’s publication, various compliance deadlines are now approaching for technology companies operating within the EU. Here are the critical dates to be aware of:

August 1, 2024: The AI Act comes into force, starting the countdown for various compliance deadlines [2].

February 2, 2025: Initial compliance phase begins. Prohibited AI systems, such as those used for biometric categorization without consent, must be withdrawn from the market. Companies must also start complying with transparency obligations, ensuring users are aware when they are interacting with AI [2].

May 2, 2025: Developers must adhere to newly established codes of practice that detail benchmarks for compliance and performance indicators [2].

August 2, 2025: General-purpose AI models, including chatbots, must meet specific transparency and copyright compliance requirements [2].

August 2, 2026: Full compliance with the Act’s provisions is required for most AI applications. This includes the establishment of AI regulatory sandboxes to support innovation and compliance [1].

August 2, 2027: Deadline for high-risk AI systems to comply with stringent requirements regarding risk assessments and human oversight [1].

Implications for Technology Companies

Supporting Ethical AI Development

At Verdas AI, we are dedicated to empowering organizations to navigate these new regulatory landscapes while building ethical and high-quality AI solutions. To assist companies in meeting these stringent new regulations, we offer specialized training sessions, including the IEEE CertifAIEd™ Assessor Training. This program covers essential topics such as ethical transparency, privacy, accountability, and algorithmic bias, ensuring professionals are well-equipped to manage AI governance effectively [3].

Upcoming IEEE CertifAIEd™ Training Sessions

Verdas AI is offering upcoming training sessions to help professionals stay ahead in this rapidly evolving field. These sessions provide an opportunity to engage with leading experts in AI ethics and governance. The next training sessions are scheduled for July and August, and we encourage all professionals involved in AI development and deployment to participate.

Get More Info About Training

Staying informed and trained in AI ethics and governance is crucial for professionals navigating the complexities of AI technologies. By participating in these training sessions, professionals can ensure they are well-equipped to contribute to the responsible development and deployment of AI technologies, benefiting society as a whole.

For more information on upcoming training sessions, visit our training page [3].

References

[1] EU Official Journal – AI Act. Retrieved from: eur-lex.europa.eu

[2] European Parliament Press Release on AI Act. Retrieved from: europarl.europa.eu

[3] IEEE CertifAIEd™ Assessor Training. Retrieved from: staging.verdas.ai

How We Can Help

Covering the Full Spectrum of Global Financial Services

We tackle our clients’ most critical challenges, from strategy and operations to digital transformation and sustainability. With deep expertise and a holistic approach, we break silos to maximize value, creating a powerful multiplier effect for lasting success.