European Parliament Approved the deal on EU AI Act, Latest AI update from EU Parliament

EU Parliament has approved the world’s first comprehensive artificial intelligence rules. On Wednesday, the EU parliament voted to adopt the AI act and with 523 votes in favour, the law has been approved by the European Parliament and dubbed “the world’s first comprehensive AI law”.

“I welcome the overwhelming support from the European Parliament for the EU AI Act, the world’s first comprehensive, binding framework for trustworthy AI. Europe is now a global standard-setter in trustworthy AI,” EU industry chief Thierry Breton said.

What is the Artificial Intelligence Act?

The AI ACT aims to protect the fundamental rights and laws of sustainability from the high risk of AI. This act will now establish an obligation against the impact of AI risks.

As per the European Parliament Press Release “The new rules ban certain AI applications that threaten citizens’ rights, including biometric categorisation systems based on sensitive characteristics and untargeted scraping of facial images from the internet or CCTV footage to create facial recognition databases.”.

Also read – Google Deepmind Announced SIMA, A New AI Agent

The AI act is still subject to a final lawyer-linguist check and also the approval form of the council is pending. Once this is done, it is expected to be adopted before the end of the legislature. After the act is published, the latest Deal on EU AI Act will come into force after 20 days.

As per the sources-” On the enforcement front, penalties for non-compliance can scale up to 7% of global annual turnover (or €35 million if higher) for violating the ban on prohibited uses of AI. While breaches of other provisions on AI systems could attract penalties of up to 3% (or €15 million). Failure to cooperate with oversight bodies risks fines of up to 1%.”.

The lawmakers are saying that the Deal on EU AI Act is just the start of the journey. This act is going to impact the education sector, the labour market and many others. Tudorache said that-” We negotiated and we made the compromises that we felt were reasonable to make,” he said, calling the outcome a “necessary” balance. “The behaviour and what companies choose to do — they are their decisions — and they have not, in any way, impacted the work.”