EU Releases Framework for AI to Set Standards and Fines for Violation
On April 21, the European Commission proposed its first comprehensive legal framework on AI, in effort to “address the risks of AI and position Europe to play a leading role globally”. The rules are in place to make sure AI systems are safe and reflect the EU’s visions on rights and values. Companies may be subject to huge fines for prohibited AI practices, including putting into service or use an AI system that harms individuals or specific groups. Companies will be penalized for up to EUR 30 million or 6 percent of their total worldwide annual turnover. If companies misinform authorities upon request, they will be fined for up to EUR 10 million or 2 percent of worldwide annual turnover.