We exemplify how Large Language Models are used in both teaching and learning. We also discuss the AI incidents that have already occurred in the education domain, and we argue for the urgent need to introduce AI policies in universities and for the ongoing strategies to regulate AI. Regarding policy for AI, our view is that each institution should have a policy for AI in teaching and learning. This is important from at least twofolds: (i) to raise awareness on the numerous educational tools that can both positively and negatively affect education; (ii) to minimise the risk of AI incidents in education.