Managing employee expenses in the financial sector
Under intense scrutiny after one of the worst recessions in history, the financial sector is going through global and local changes. The drive for more transparency in how banks and other institutions transact business has led to new legislation around how their employees can spend money, especially when dealing with third parties. The need to demonstrate that any expense incurred is not a bribe, is not part of a money laundering system or could be construed as having the aim of leading to the institution being perceived differently by the third party means that stringent policies and procedures are now required.
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