On Aug. 1, 2024, the EU Artificial Intelligence Act (AI Act) entered into force and will gradually take effect over the next 36 months. This marks not only the end of yet another legislative saga within the European Union but also the beginning of a new era in AI regulation. The AI Act creates an extensive regulatory framework which will affect businesses worldwide and across virtually every sector. Given that parts of the AI Act will apply starting Feb. 2, 2025, companies should consider developing and implementing compliance strategies now.