Banca March: The European Parliament approves the first regulatory standards for Artificial Intelligence. Europe becomes the first region to set fundamental rights and security standards for the dark side of this type of technology. It is expected to enter into force in May, although it is not thought it well be implemented until 2026. The regulation contemplates the classification of applications according to risk, in order to assign a series of restrictions according to the level assigned. It also prohibits other uses such as biometric categorisation, which allows for the deduction of sensitive data, or the creation of facial recognition databases, among others. In addition, companies using AI will have to register with the European Office of Artificial Intelligence, which has yet to be set up. Fines for those in breach of the law range from €7.5 million to €35 million, or 7% of the company’s revenue.
Europe becomes first region to set AI regulatory standards
