2026-01-16
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EU AI Act: August 2026 Compliance Deadline Looms
The EU AI Act enters full enforcement on August 2, 2026. Financial institutions deploying high-risk AI (credit scoring, fraud detection, AML) face penalties up to 7% of global annual revenue....
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EU AI Act: August 2026 Compliance Deadline Looms**
The EU AI Act enters full enforcement on August 2, 2026. Financial institutions deploying high-risk AI (credit scoring, fraud detection, AML) face penalties up to 7% of global annual revenue.
**Evidence:**
- High-risk AI systems must be fully compliant by August 2026
- EBA will undertake "specific activities to support implementation of the AI Act in EU banking and payments sector" during 2026-2027
- IRSG report (January 12, 2026) maps "emerging global norms" for AI in financial services
- Legal firms warning: "By August 2, 2026, companies will need to comply with specific transparency requirements and rules for high-risk AI systems"
**Strategic Recommendation:**
- Immediate: Conduct gap assessment against EU AI Act high-risk requirements
- Q1 2026: Map AI inventory (most firms undercount by 40-60%)
- Q2 2026: Build governance framework anchored to NIST AI RMF + EU AI Act
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