Banking Pulse

🏛️ Stay ahead in the EU banking sector with our expert-crafted newsletter. Get clear insights into best practices and regulations.

[Banking Pulse @BankingPulse]

💥 Non-compliance with the EU's AI Act can result in hefty fines – up to €30M or 6% of your global annual turnover!

🚫💰 Stay informed and avoid costly penalties

#AI #Compliance #EURegulation

[Banking Pulse @BankingPulse]

🤖 Is your banking software AI-ready?

The EU's AI Act could apply to your AI models.

Learn how to categorize them and stay compliant to avoid huge fines! 💼🚀

#AI #Banking #Compliance

[Banking Pulse @BankingPulse]

🌍 AI Act's reach: It's global! If your AI crosses paths with the EU, comply. Non-EU? Get an EU rep onboard. No shortcuts!

[Banking Pulse @BankingPulse]

@BertuzLuca Regulators like to introduce laws, but costs of compliance for business is really high,

Who is the enemy the competing with? Bigtech or their own citizens who are going to have higher costs?

[Banking Pulse @BankingPulse]

@BertuzLuca EU wants to be the first to regulate AI.🏦

The risk of the first mover is really high, moreover, if you put regulations to the industry with 30% CAGR 🚀

[Banking Pulse @BankingPulse]

@maxvonthun How does this chaos affect competition or simple customers? Who is offended or whose rights are violated? 🤔

Why does everyone want 100 new regulations and not allow businesses to compete and consumers to decide? ✅

[Banking Pulse @BankingPulse]

@GaryMarcus What are companies going to do with higher compliance costs?

Why we should discourage companies by introducing new regulations?

Please extend your point, let discuss that 🧐

[Banking Pulse @BankingPulse]

@controlai 1 question: why AI technology should be regulated?

If they should be, how EU going to compete with others without AI or with higher AI costs caused by complience?

CEOs of 150 biggest EU companies sent a letter againts this Act.

Let discuss

[Banking Pulse @BankingPulse]

🔊 Limited Risk: For lower-risk AI, Users must know they're interacting with AI:

☑️chatbots
☑️deep fakes

📅Regulations expected to be finalized by year's end

[Banking Pulse @BankingPulse]

🔍 The AI Act is reshaping how we approach AI systems, new 4 pillars risk-based approach will be introduced by the EU regulator:

🚫Unacceptable Risk

🔐High-Risk

🔊Limited Risk

What AI products fell in what category?

[Banking Pulse @BankingPulse]

🚫 Unacceptable Risk: AI that violates fundamental rights

☑️Manipulative AI
☑️Real-time biometric identification
☑️Social scoring

🔐 High-Risk: must comply with multiple requirements

☑️Credit scoring
☑️Recruitment algorithms
☑️Insurance claims processing

[Banking Pulse @BankingPulse]

@ceobillionaire Yeah, regulators can't keep the pace 💼

We're expecting Final Version of AI Act by March 2024 at the latest, just in time before the May 2024 European elections 🇪🇺

[Banking Pulse @BankingPulse]

@michhuan Not sure. Big companies from EU, voiced by over 150 executives, argue that the Act might stifle innovation and hinder Europe's position in the global tech race 🇪🇺.

So let's wait final version. expected by March 2024 at the latest.

[Banking Pulse @BankingPulse]

@shadbush Ahah, wish it will be on your table.

It'll definitely be interesting to see the final version of the AI Act 💼. We're expecting it by March 2024 at the latest, just in time before the May 2024 European elections 🇪🇺

[Banking Pulse @BankingPulse]

@BertuzLuca It will be interesting to see the final version of the AI Act expected by March 2024.

They included foundation models in June 2023 following the rise of ChatGPT.

In the initial 2021 draft, foundation models were not mentioned.

[Banking Pulse @BankingPulse]

🚀 Banking's Big Shift: EU's AI Act 🕒

1️⃣ April 2021: EU Commission unveils AI Act
2️⃣ June 2023: EU draft paves way for finalization
3️⃣ March 2024: Deadline for AI Act's text before EU elections
4️⃣ 2026: All set for full compliance

Stakeholders, it's time to gear up for change!