European Union Artificial Intelligence Act

The European Union Artificial Intelligence Act came into force on 02 August 2024 to govern the use of AI in the European market.With the recent advances in Machine Learning & Artificial Intelligence and the introduction of generative AI like GPT-4 and DALL·E, government and regulatory bodies around the world are showing tremendous interest in strengthening existing regulations or introducing new ones. The EU AI act was first proposed in April 2021. On 14 June 2023, MEPs adopted Parliaments negotiating position on the AI Act and talks began with EU countries in the Council on the final form of the law. On 9th December 2023 MEPs reached a political deal with the Council on the Act. On 6th March, 2024 the regulation was endorsed by MEPs with 523 votes in favor, 46 against and 49 abstentions. What this course is - A thorough chapter wise walkthrough of the EU AI Act to help you grasp its tenets.What this course is not - Analysis or implementation of the Act. At this point, the information in the Act is at a very high level and the European Commission and the AI Office will release further information like common standards, templates, clarified definitions with example and other such information closer to the time when this Act becomes applicable. The proposed penalties for non-compliance are as below:35 million EUR or 7% of worldwide revenue in past financial year (whichever is higher) for non-compliance with prohibited AI practices in Article 5 15 million EUR or 3% of worldwide revenue in past financial year (whichever is higher) for non-compliance with any other regulation in the Act (other than Article 5)7.5 million EUR or 1% of worldwide revenue in past financial year (whichever is higher) for supplying incorrect, incomplete or misleading information to notified bodies or national authorities15 million EUR or 3% of worldwide revenue in past financial year (whichever