Penalties consist of fines up to EUR 35M or 7% of an undertaking's turnover, whichever is higher (article 99, §3 AI Act).
The prohibition will apply only from 2 February 2025 (see article 113 (a) AI Act).
Not a day too early, arguably even too late. Governments of the world, follow suit!
[1] https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=OJ:L...