Rule or circular · International body
Regulation (EU) 2024/1689 laying down harmonised rules on artificial intelligence
The first harmonised framework on AI: it classifies uses by risk and regulates everything from prohibited practices to general-purpose models.
- Organization
- European Parliament and Council of the European Union (EU)
- Document date
- 13 June 2024
- Type
- Rule or circular
- Language
- Spanish
- Scope
- European Union
- Length
- 144 pages
What it contains
Regulation (EU) 2024/1689, of 13 June 2024 and published in the Official Journal of the EU on 12 July 2024, aims to improve the functioning of the internal market and promote human-centric and trustworthy AI, with a high level of protection of health, safety and fundamental rights, democracy, the rule of law and the environment, while supporting innovation. It lays down harmonised rules for placing on the market, putting into service and using AI systems in the Union.
Its structure includes prohibitions of certain AI practices (article 5), specific requirements for high-risk AI systems and obligations for those who operate them, transparency rules for certain systems, rules for general-purpose AI models, market surveillance, governance and enforcement, and measures supporting innovation with attention to SMEs. Among the uses that its recitals and annex III classify as high risk are AI systems intended to evaluate the creditworthiness of natural persons or establish their credit score, except those used to detect financial fraud.
The sanctions regime sets fines of up to 35 million euros or, if the offender is a company, up to 7 % of its total worldwide annual turnover for the preceding financial year, for breaching the prohibitions of article 5. Under its article 113, the regulation applies from 2 August 2026, with exceptions: chapters I and II from 2 February 2025, other chapters from 2 August 2025 and article 6(1) from 2 August 2027. It is worth checking on EUR-Lex whether there have been amendments after this text.
Why it matters for risk management
For institutions with links to the European Union, or that adopt its criteria as a reference, it is a framework for model and AI governance, especially for credit scoring. It is not Dominican law; its impact depends on each institution’s relationship with the European market.
Summary prepared by the Dominican Republic Risk Management Club from a reading of the original document, with the source verified on 7 October 2026. It does not replace reading the official text and is not advice.
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