It’s official: The European Union’s risk-based regulation for artificial intelligence has come into force starting Thursday, August 1, 2024.
This kicks off a series of staggered compliance deadlines, with most provisions fully applicable by mid-2026. However, the first deadline, enforcing bans on specific AI uses like remote biometrics in public places, is just six months away!
Under this new law, most AI applications are considered low/no-risk and won’t be regulated. But if you’re developing high-risk AI, such as facial recognition or AI-based medical software, buckle up! You’ll need to comply with stringent risk and quality management obligations, including pre-market conformity assessments and potential regulatory audits. Public sector high-risk AI systems will also have to be registered in an EU database.
AI technologies like chatbots and deepfake tools fall into a “limited risk” tier. These must meet transparency requirements to ensure users aren’t deceived. Penalties are tiered too, with fines up to 7% of global annual turnover for banned AI applications, 3% for other breaches, and 1.5% for supplying incorrect information to regulators.
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General Purpose AIs (GPAIs) face light transparency requirements but must provide a summary of training data and respect copyright rules. Only the most powerful models, defined as those trained with over 10^25 FLOPs, will need to undertake risk assessment and mitigation measures.
Enforcement of general rules is devolved to member state-level bodies, while GPAIs are regulated at the EU level. Codes of Practice for GPAIs are still being developed, with finalisation expected by April 2025.
OpenAI, the maker of ChatGPT, has already expressed its commitment to work closely with the EU AI Office. They advise organisations to classify their AI systems, identify obligations, and consult legal counsel for compliance guidance.
So, property professionals and business owners, stay ahead of the curve! Understanding and preparing for these regulations now will save you headaches (and fines) down the line.
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