EU AI Act
Also known as: EUAI, EU Artificial Intelligence Act, Regulation 2024/1689, AIA, EU AI Regulation
- regulation
- compliance
- ai
- eu
- glossary
Definition
The EU AI Act (Regulation (EU) 2024/1689, entered into force 1 August 2024) is the world's first comprehensive legal framework governing artificial intelligence. It establishes a risk-based classification system: unacceptable risk (prohibited), high-risk (Annex III), limited risk, and minimal risk. High-risk AI systems — including those used in financial services credit scoring, KYC, AML screening, and risk assessment — must undergo conformity assessment (Article 73), register in the EU AI systems database, and implement post-market monitoring. General-Purpose AI (GPAI) models above 10^25 FLOPs training compute face systemic-risk obligations. Islamic Open Finance™ maps its Agents, KYC, AML, and Risk Management rails to Annex III categories and manages compliance through the dedicated EU_AI_ACT rail and the EUAI app (euai.islamicopenfinance.com).
Primary Sources & Standards
- ID
- eu-ai-act
- Status
- active
- Version
- 1.0.0
- Effective
- 2025-01-01