The EU’s Artificial Intelligence Act Has Gone Live: How Will it Affect U.S. Banks?

The European Union’s new Artificial Intelligence Act went into force on August 1. Two years from that date, organizations will need to be in full compliance with most of the act’s articles. While a few dozen U.S.-based financial firms with operations in Europe are already preparing, companies worldwide will feel the act’s regulatory ripples as it influences policy and policing.

“This is a paradigm we have seen before,” said Henning Soller, a partner at McKinsey & Co., wh…