This session delves into the critical ethical challenges and considerations that accompany the integration of Artificial Intelligence (AI) into our societal fabric and business practices. We will explore the intricate issues of bias and transparency within AI systems, often referred to as the 'Black Box' dilemma, and discuss strategies to mitigate these concerns. The focus will extend to the pivotal role of laws and regulations in shaping ethical AI practices, highlighting the delicate balance between innovation and ethical accountability. We will also examine the diverse societal impacts of AI, emphasizing the importance of maintaining an ethical compass in the face of rapid technological advancements. Acknowledging the international differences in approaching AI ethics, the session aims to foster a dialogue on establishing universal ethical standards for AI that respect cultural and regulatory diversity. Through real-world examples and theoretical insights, participants will gain a comprehensive understanding of the ethical landscape of AI and the pathways to harnessing its potential responsibly.