Europe regulates AI: What does it mean for UK business?

On April 21, the European Commission (EC) presented its regulatory text with a proposal for a European regulation on Artificial Intelligence (AI). The objective is to protect citizens from harmful AI, with practices identified as “unacceptable risk,” including facial recognition in public places and social scoring, outright banned. So-called high-risk AI practices surrounding essential private and public services will have to be demonstrated as safe, while limited risk systems (such as chatbots) will be subjected to transparency obligations to ensure users are able to make informed decisions regarding their use. 

As part of this regulation, companies will be forced to assess AI risks and incorporate explainability. In the event of non-compliance, fines may reach six percent of the company’s annual turnover.

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