Since January 2025, the EU AI Act has significantly progressed from legislative text to active compliance obligations for businesses operating in the EU. Key developments include the implementation of bans on certain AI practices and AI literacy requirements in February 2025, along with crucial interpretative guidelines issued by the European Commission and the new European AI Office. General-Purpose AI (GPAI) models face specific rules becoming applicable in August 2025, supported by an emerging Code of Practice, and the penalty regime also takes effect then. While comprehensive obligations for most high-risk AI systems have later deadlines (August 2026/2027), challenges in developing harmonised standards create uncertainty. The enforcement structure is solidifying with the AI Office as a central authority and National Supervisory Authorities (NSAs) preparing to impose significant fines for non-compliance, underscoring the urgent need for businesses to proactively manage AI risks and ensure their systems align with ethical principles and fundamental rights.