The EU intends to regulate artificial intelligence as part of its digital strategy to improve the environment for its advancement and application and to ensure that AI systems used in the EU are safe, transparent, traceable, non-discriminatory and environmentally friendly. On 21 April 2021, the Commission's proposal on laying down harmonised rules on artificial intelligence was published. The AI Act is intended to create a technology-neutral, future-proof definition that can be applied to all prospective AI technologies. On 9 December 2023 the Parliament reached a provisional agreement with the Council on the AI Act, which is now being formally adopted by the Parliament and Council. On 22 January 2024, a draft of the final text of the AI Act was leaked to the public.
The AI Act establishes obligations for providers and deployers depending on the level of risk from artificial intelligence. It divides AI systems into four categories: Unacceptable Risk, High Risk, Certain AI Systems & General-Purpose AI models and Minimal Risk. Increased due diligence requirements apply to providers and deployers of high-risk AI systems. For banks, it is essential that systems to evaluate the credit score or creditworthiness of natural persons should be classified as high-risk AI systems, since they determine those persons' access to financial resources and may lead to discrimination of certain individuals or groups. For banks, the AI Act refers in multiple parts to existing banking supervisory obligations, as they are already subject to increased requirements, particularly under the Capital Requirements Directive (CRD). The AI Act will be accompanied by a directive on adapting non-contractual civil liability rules to artificial intelligence. The proposal on the AI Liability Directive was published on 28 September 2022.
 This category emerges from the pre-final consolidated text leaked on 22 January 2024. The original public proposal for the AI Act, however, refers to the Limited Risk category (AI systems with limited transparency obligations).