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ABA: The American Bankers Association
Industry Insight

Understanding the Impact of the EU AI Act: A Primer for Financial Institutions

  • Brought to you by Protiviti
  • Published November 11, 2024

The EU AI Act (Act) is arguably the most significant and wide-reaching AI regulation to date issued by any jurisdiction. It offers an integrated approach aimed at both promoting the beneficial uses of AI and managing the risks identified in the Act, while ensuring its ethical and responsible use. The Act has extraterritorial application and impacts any company that provides or uses AI services or products in the EU, including companies that offer B2B AI services that are provided to or used by EU citizens, regardless of where a company is headquartered. For both EU-domiciled and multinational financial institutions, therefore, understanding the requirements of the Act is a business imperative.

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