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On May 21, 2024, the European Commission officially approved the Artificial Intelligence (AI) Act, marking a historical day both for the EU and the International Regulatory world. This first-of-its-kind law promotes the development and integration of artificial intelligence systems for both businesses and end users within the European Union.


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Connect to a new world of efficiency by utilizing cleversoft’s business solutions.

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Let's talk how we can help your business.


Connect to a new world of efficiency by utilizing cleversoft’s business solutions.

Get in touch

On May 21, 2024, the European Commission officially approved the Artificial Intelligence (AI) Act, marking a historical day both for the EU and the International Regulatory world. This first-of-its-kind law promotes the development and integration of artificial intelligence systems for both businesses and end users within the European Union.

The AI Act aims to create a safe and transparent environment for new technologies, attracting significant interest from the financial world and offering new investment opportunities for businesses and private investors.

Key requirements of the AI Act

The regulation requires entities to assess the impact on fundamental rights, ensure transparency, register high-risk AI systems, and inform end users when emotion recognition is used before deploying such AI in public services. The Regulatory Framework defines four levels of risk for AI systems: minimal, limited, high and unacceptable risk.

Timeline and Implementation

The AI Act is currently undergoing formal adoption and translation. It will take effect 20 days after being published in the Official Journal and will be fully applicable after 2 years, with certain exceptions:

Companies that use AI and regulatory technology proactively will become leaders in the industry, setting higher standards for compliance and shaping the future of financial institutions and beyond.

cleversoft AI-driven Services

As a leading RegTech provider, cleversoft is at the forefront of integrating AI into our service suite, improving the way we support your compliance needs.

Regulatory compliance for European financial institutions is stricter and more demanding than ever, requiring meticulous attention to detail in reports and disclosures. cleversoft, with 20 years of experience as a Tier-1 RegTech company, excels in this area.

Our goals are to improve data governance, risk assessment, and provide reliable service. AI has enhanced our service coverage and productivity while reducing client workload. The official approval of the EU’s AI framework ensures our AI-driven services comply with the new regulations.

For further information on any of the above points, please contact us via the contact form on our website. Our experts will be happy to answer your questions.