Reimbursement through Concur using BDA

[nbkn6wz]

Subject: Guidance on Reimbursing Analyst for Client Event Expense

We recently had an analyst on our team cover the cost of a sports event on behalf of our clients. We would like to reimburse her for this expense through BDA in accordance with firm policies and compliance guidelines.

The analyst previously served as an FA on our team and is currently in transition. We’ve processed similar reimbursements in the past without issue, but this time we’re encountering challenges with obtaining approval from the processors.

I’ve reviewed the OMT Management guidelines but remain unclear on whether the process has changed. Could you confirm if it is permissible under current compliance standards to submit the expense using the analyst’s proof of payment through the FA’s BDA, and then have the FA reimburse her via ML or Bank of America accounts?

We want to ensure that all steps align with firm policy and regulatory requirements before proceeding.

Thank you for your guidance and attention to this matter.

Best regards,

Juliet

[KevinD]

@nbkn6wz we don't know the firm's policy and really aren't able to advise on this type of situation as it is up to the firm to decide if the reimbursement is allowed. 

I think you might need to speak to the processors since they are the ones giving you the issue. If they aren't giving approval, you probably need to find out why they aren't and have them direct you on how to properly get the expense submitted. 

This isn't anything we can answer as it is an internal policy at your firm.