EU Passes New AI Act 

The European Union’s AI Act, a piece of legislation designed to mitigate the risks posed by artificial intelligence, received the final approvals required to become law. The legislation bans certain AI systems, such as those that could be used to manipulate consumers’ behavior, within the EU. It creates several new regulatory mechanisms to ensure the new AI rules are upheld. In particular, it calls for the European Commission to create an AI office focused on regulatory compliance enforcement. The EU will also establish a panel of independent experts to support enforcement activities, an AI board comprising representatives of member states and an advisory forum tasked with providing technical input. Companies that breach the new AI rules could face steep fines. According to Reuters, violations will carry penalties ranging from €7.5 million euros or 1.5% of a company’s annual revenue to €35 million or 7% of sales.