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September 2, 2016

FAA approves rules for commercial drone flights

New Federal Aviation Administration regulations governing commercial use of drone flights are now in effect. Experts say they could generate more than $82 billion for the U.S. economy and create more than 100,000 jobs over 10 years. Joe Mont reports.

2015 audit inspections show some gains, some blown opinions

The PCAOB’s earliest 2015 inspection results show some reductions in deficient audits, but also increases in restatements and withdrawn opinions. More from Tammy Whitehouse.

To ease fears, agencies address correspondent banking ‘myths’

Federal banking regulators have authored a “fact sheet” intended to clarify supervisory and enforcement activities that focus on the money laundering and sanctions compliance risks that may arise with correspondent banking relationships. Joe Mont has more.

AstraZeneca settles FCPA case with SEC for $5.5M

Biopharmaceutical-company AstraZeneca has reached a $5.5 million settlement with the SEC to settle claims that it violated the Foreign Corrupt Practices Act by making improper payments to state-controlled healthcare providers in China and Russia. Jaclyn Jaeger reports.

Trump’s border wall could be muy malo for bank CCOs

A key talking point of Republican Donald Trump’s campaign is to build a wall along the U.S./Mexico border, forcing Mexico to fund it. That plan, however, says Joe Mont, could mean added compliance burdens for banks and an expansion of Know Your Customer protocols.

SEC $22M whistleblower award edges program total over $100M

The SEC’s Office of the Whistleblower has been cranking out major awards all summer—the latest an award of more than $22 million—which means, says Bruce Carton, the whistleblower program has surpassed $100 million.

Grant Thornton shows gains in PCAOB 2014 inspection report

The PCAOB has published its last 2014 inspection report on the eight largest firms, showing gains at Grant Thornton from a year prior and slight improvement across major firms. Tammy Whitehouse reports.

Coming next week:

Blacklisting rules; insider-trading update; post-Brexit disasters; more

Note: Compliance Week will publish one day late next week due to the Labor Day holiday.

Coming in the Wednesday, Sept. 7 edition: Joe Mont looks at new rules for companies doing business with the government; Jaclyn Jaeger explores federal prosecutors’ zealous pursuit of insider-trading cases; and Paul Hodgson examines more fall-out from Brexit.

Thought Leadership of the Week

Upcoming Webcasts: 1 CPE Credit

Social Media Strategy in the Financial Industry. Based on interviews with social media leaders at top financial institutions, learn how financial services organizations are using automated social media protection tools to secure their social media strategy. Download here.

View of Compliance Across Industries. There are a wide range of innovative approaches emerging in relation to people, processes, and technology that support the compliance functions in navigating through challenges successfully. Join us on September 20th at 2PM to explore the changing world of compliance. Register here.

Solutions Brief: EU Privacy Shield Compliance. This brief provides a summary of each of the EU Data Transfer mechanism options, with special emphasis on Privacy Shield, including a summary of benefits and tradeoffs, along with case studies and solution options. Download here. Best Practices in Building a Third-Party Risk and Performance Management Program. Join us on September 27 at 2:00pm ET as we cover the best practices for building your third-party risk and performance management program. Register here.
 

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