27/01/2020 (Agence Europe) – The Association of Chartered Certified Accountants (ACCA) and EY published a new report on Monday 27 January calling on regulators to tackle the new technology used in financial crime. The report, which focuses on the challenges companies face in combating increasingly sophisticated digital attacks, estimates the annual global costs of financial crime at US$3.5 trillion. According to Jason Piper from the ACCA, “economic growth flourishes on technological advances; however, criminal activity also responds and reacts, and the opportunity that criminals exploit creates challenges for regulators, legitimate businesses and their customers, auditors and advisers alike”. The report further recommends that companies look into areas such as artificial intelligence to protect their critical processes and data (see EUROPE 12411/17). To view the report, go to: https://bit.ly/37xyQrJ (MF)