Europe's AI Act, adopted on May 21, 2024, has been approved by the Council of the European Union.

The Act is set to enter into force next month after endorsement by EU countries.

It aims to set a global standard for AI regulation, prioritizing safety, trustworthiness, and innovation.

The legislation addresses misinformation and fake news concerns, imposing strict transparency on high-risk AI models.

It restricts governments' use of biometric surveillance.

Violations of the Act can result in fines ranging from 7.5 million to 35 million euros.

Companies outside the EU must comply if they use EU customer data.

Lucilla Sioli and Dragos Tudorache are potential candidates to lead the AI Office overseeing compliance.

The Act is a significant step towards shaping the future of AI regulation worldwide.