The European Union's AI Act is a regulatory framework designed to ensure the safe, ethical, and transparent use of artificial intelligence across its member states. It aims to balance innovation with the protection of fundamental rights and public safety, introducing six key features: risk classification, prohibited practices, transparency and accountability, AI governance, penalties, and support for innovation. The Act prohibits certain AI applications deemed harmful or manipulative, requires transparency in automated decision-making, and establishes a European Artificial Intelligence Board to monitor implementation. Penalties for non-compliance can reach up to 6% of a company's global annual turnover, while regulatory sandboxes provide a testing ground for innovative AI solutions. The EU AI Act entered into force on August 1, 2024, with various key dates and recommended ISO frameworks for compliance. Its implications include influencing global AI regulations, protecting consumers' rights, and fostering trust and safety in the European market.