REGULATION · EU
EU AI Act enforcement enters operational phase; financial firms face compliance deadlines
EU member states are moving from legislative transition into active supervision under the AI Act. Banks and insurers must document high-risk AI systems, conduct impact assessments, and implement governance controls by regulatory deadlines.
WHY IT MATTERS
Non-compliant BFSI firms face fines up to 6% of global revenue and legal liability for AI-driven harms; regulators are now issuing interpretive guidance and conducting inspections.
Source: Financial Times · 2026-05-24