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Create a professional PowerPoint presentation titled 'FIMAU BAU Procedure – Background & Improvement Idea'. Slides outline: 1. **Title Slide** - Title: FIMAU BAU Procedure – Background & Improvement Idea - Subtitle: Streamlining residual fund handling and communication between FIM and CSEM - Presented by: FIM Australia Team 2. **Background** - FIM Australia receives reports from sources such as Triage, Fraud Connect, and financial institutions. - Cases are assigned to FIM AU staff for investigation and outcome decision. - Involves handling leftover funds in customer accounts. - Funds are moved to FIM suspense account or account balance reduced to zero. 3. **Current Process** - Once investigations are finalized, confirmed fraud cases are sent to CSEM for exit procedure. - FIM investigates and triggers only confirmed fraud cases. - CSEM handles account closures and fund movements. 4. **Problem Statement** - CSEM closes accounts and handles funds before FIM completes investigation. - Reasons: AML triggers or direct customer requests. - Lack of transparency — FIM unaware of fund actions taken by CSEM. - Leads to confusion and delays in resolving complaints. 5. **Examples of Issues** - **Example 1:** AFCA email requesting release of residual funds; funds found in CSEM suspense account, not FIM’s. - **Example 2:** Account closed while under investigation; FIM unaware of fund destination. - Staff uncertainty on checking fund status in CSEM suspense account. 6. **Impact** - Delay in complaint resolution. - Risk of duplicate refunds to customers. - Inefficient communication between teams. - Increased workload for FIM and Complaints teams. 7. **Proposed Solution – Centralized Notes** - CSEM staff to update notes on fund action after account closure. - Notes recorded in shared systems like MWS or GWIS. - Accessible to both FIM and Complaints teams. 8. **Benefits of the Proposed Solution** - Swift response to customer complaints. - Prevent duplicate fund returns. - Improved transparency and accountability. - Efficient inter-department collaboration. 9. **Implementation Steps** - Define note entry process for CSEM staff. - Integrate note visibility in MWS/GWIS. - Conduct staff awareness sessions. - Periodic audit for compliance. 10. **Conclusion** - Improved process ensures transparency and efficiency. - Strengthens collaboration between FIM, CSEM, and Complaints teams. - Enhances customer trust and minimizes operational risks.
Outlines FIMAU fraud process, CSEM premature closures causing transparency issues/delays, and proposes centralized notes in MWS/GWIS for better communication, efficiency, and risk reduction. (162 char
This title slide covers the FIMAU BAU Procedure, focusing on its background and an improvement idea. The subtitle emphasizes streamlining residual fund handling and communication between FIM and CSEM, presented by the FIM Australia Team.
Streamlining residual fund handling and communication between FIM and CSEM
Presented by: FIM Australia Team
FIM receives reports from Triage, Fraud Connect, and financial institutions, with cases assigned to FIM AU staff for investigation and outcomes. Leftover funds are handled via the FIM suspense account or zero balance.
In the current process, finalized fraud cases are sent to CSEM for exit procedures, with FIM triggering only confirmed cases. CSEM manages account closures and fund movements.
CSEM closes accounts prematurely before FIM investigations are complete, often triggered by AML alerts or customer requests. This lack of transparency into CSEM's fund actions causes confusion and delays in handling complaints.
The slide "Examples of Issues" highlights two problems: AFCA requesting residual funds found in a CSEM suspense account unknown to FIM, causing processing delays. It also covers an account closed mid-FIM investigation due to AML or customer request, leaving FIM unaware of fund destinations and staff uncertain on CSEM checks.
| Ex1: AFCA Email for Residual Funds | Ex2: Account Closed Mid-Investigation |
|---|---|
| AFCA emailed requesting release of residual funds. Funds discovered in CSEM suspense account, not FIM’s. FIM unaware, causing delays in processing and resolution. | Account closed during active FIM investigation due to AML or customer request. FIM unaware of fund destination. Staff uncertain on checking CSEM suspense status. |
The "Impact" slide outlines key negative effects, including delays in complaint resolution and risks of duplicate customer refunds. It also highlights inefficient team communication and higher workloads for FIM/Complaints teams.
The proposed Centralized Notes solution has CSEM updating notes on fund actions after closure. These notes are recorded in shared MWS or GWIS systems, making them accessible to FIM and Complaints teams.
The proposed solution enables faster responses to customer complaints and prevents duplicate refunds. It boosts transparency, accountability, inter-team collaboration, and overall efficiency.
The "Implementation Steps" agenda slide outlines four key actions. They include defining the CSEM note entry process, integrating visibility in MWS/GWIS, conducting staff awareness sessions, and performing periodic compliance audits.
This conclusion slide emphasizes ensuring transparency and efficiency while strengthening collaboration among FIM, CSEM, and Complaints teams. It also highlights building customer trust and reducing risks.
• Ensures transparency and efficiency.
Source: FIMAU BAU Procedure – Background & Improvement Idea
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