Officers & Board Members
Richard Wall recently retired from the Bank of Canada after 28 years of service. During his career, he has held various positions within the Corporate Services and Currency departments. In 1990, he was Building Consultant leading the design and construction of the cash processing centers in Montreal and Toronto. In 1998, he was appointed project manager for the New Note Series Project and joined the Central Bank Counterfeit Deterrence Group (CBCDG) as project director in 2001. He became Director of Currency Operations in 2004, responsible for banknote production and distribution. In this role, he undertook the redesign of the bank note supply chain, including leading the negotiations for major service and supply agreements related to the new polymer banknote series.
In 2013, he was appointed Managing Director of the Currency Department responsible for all aspects of the Bank of Canada’s Currency function. Under his leadership, the department reorganized to reflect the operational and budgetary impacts of polymer implementation, issued two commemorative notes and developed and produced the first note of the next polymer series.
Quote from Richard Wall
Being effective in Currency field means achieving the right balance between existing technologies and innovation, maintaining and enhancing existing relationships and making room for new entrants, working collaboratively with industry and developing solutions to meet your specific needs. IACA is the forum where all stakeholders can debate those issues which are key to finding the right balance which best serves Currency as a whole.
Marci Chavez graduated with a Bachelor’s Degree in Accounting from Texas A&M University in 1990, and a few years later earned her CPA certification. She worked for 3+ years in Public Accounting firms in Audit in both Waco and Dallas, Texas, and following that, worked as Controller for a Business Insurance/Risk Management company. She joined Currency Systems International (CSI) in 1996 as Senior Accountant, was soon promoted to Controller and later became CFO. Throughout her career at CSI, while responsible for the foreign consolidation and financial reporting, Marci worked closely with the Sales, Engineering, Manufacturing, Service and Project Management teams tracking progress of manufacturing and engineering development projects and sales contract completions and fulfilments. De La Rue bought CSI in 2001, and she played a key role in completing the transaction and the following transition within De La Rue. She left De La Rue in February of 2002 and worked as a financial consultant for Trailblazer Studios out of their Dallas office, while also helping Richard Haycock organize Currency Research USA Corp in 2003 and the International Association of Currency Affairs (IACA) in 2004 . She initially worked on a consulting basis for Currency Research, and then joined them in a full-time position in 2005 as CFO and Sponsor Coordinator. She was promoted to Vice-President/CFO in 2009 and in August of 2011 was named President.
Concurrently to working for Currency Research, Marci served as Treasurer for IACA since its inception and later served on the IACA Board of Directors as one of the Organizational Directors.
In November 2020, Marci left her positions in the Industry for a work hiatus.
As of January 2022, she is serving as IACA’s Executive Director on a part-time basis while serving in a volunteer capacity for several organizations including Meals on Wheels and Defined By God Ministries. She lives in the Dallas/Ft. Worth metroplex.
Quote from Marci Chavez
I am so pleased to serve as IACA’s Executive Director effective January 2022 after having served as Treasurer since its inception over 15 years ago and later as Board Director. IACA is THE Banknote Industry’s Association-- representing all stakeholders of Cash-- supporting knowledge-sharing and programs that encourage excellence, resiliency and efficiency of Banknotes and the stakeholders who produce and manage them. Never before does the industry need to work together more and IACA provides the forum and opportunity to do so.
Brian J. Lang
Executive Vice President
Brian Lang joined the Reserve Bank of New Zealand in 1962.In 1984 he was appointed to Senior Management – Head of Computer Services; Head of Registry; Head of Human Resources and in 1990 was appointed Head of Currency, responsible for bank note and coin issue. He held this position until 2006 when he retired.
Publication: 2009 Central Bank Management, chapter 13, “What is the optimal role for central banks in the supply of currency to the community”.
HIGHLIGHTS OF 16 YEARS AS HEAD OF CURRENCY:
- 1990: Managed cash operation including 3 processing centres and commemorative currency sales & marketing.
- 1991: Managed introduction of $1 and $2 coins to replace same denomination bank notes.
- 1992/93: Managed tender and introduction of new design and sized bank notes.
- 1994/95: Re-organised cash operations, attained ISO 9002 accreditation.
- 1999: Managed tender and introduction of Guardian® polymer bank notes.
- 2000/2001: Managed downsizing of cash operations, closing branch operations.
- 2005/06: Managed withdrawal of lowest value coin and introduction of plated steel coins to replace cupro-nickel coins.
Quote from Brian J. Lang
The currency function is an integral part of all Central Banks, but when I first became responsible for this function at the Reserve Bank of New Zealand in 1990 no forum existed for the exchange of information. The inception of industry conferences in 1992 was the first step forward. In today’s fast changing world, IACA provides an on-going source of industry information, guidelines for best practice and an opportunity to exchange ideas. All stakeholders in the cash industry can benefit from involvement with IACA.
Brian J. Lang
Executive Vice President
Secretary and Adminstrator
Quote from Sybil Baxter
I am honoured and privileged to be able to work with all the amazing IACA members.
Secretary and Adminstrator
Managing Director – Bank of Canada
Maureen Carroll was appointed Managing Director of the Currency Department, effective September 1, 2018. In this role, she is responsible for all aspects of the Bank of Canada’s Currency function, including research into and development of new bank note designs and security features, and the supply and distribution of bank notes. She previously served as Deputy Managing Director of the department.
Ms. Carroll joined the Bank in 2003. She served as Assistant Director of Retail Debt Program Management in the former Department of Banking Operations before leaving on secondment in 2008 to become Director of the Central Bank Counterfeit Deterrence Group—a consortium of 35 central banks mandated to develop and implement anti-counterfeiting technologies to protect the currencies of member countries. In 2012, she was appointed Deputy Managing Director of the Information Technology Services (ITS) Department, where she helped lead the delivery of the Bank’s IT strategy and positioned its IT architecture and systems to continue to respond to the Bank’s evolving business needs. Ms. Carroll previously held numerous leadership positions in strategic planning and business development in the private sector.
Ms. Carroll was born in Toronto, Ontario. She has a Bachelor of Chemical Engineering degree from the University of Western Ontario and an MBA from Queen’s University.
Chief Technology Officer – Authentix
Tim Driscoll is the Chief Technology Officer at Authentix, a company providing advanced authentication and track and trace solutions to safeguard the integrity of global commerce for governments, central banks and brand owners. Tim joined Authentix in 2005 and started his career in currency with Spectra Systems in 1995. Over this time, he has been involved in the design, development and implementation of authentication and fitness solutions for banknotes and coins. Tim holds a Ph.D. in Physics from Brown University and a B.S. in Physics from Rensselaer.
Quote from Tim Driscoll
With rapid fire technological developments and an ever changing host of issues that Central Banks must resolve, it's imperative to have an organization like IACA that serves the entire Currency community by providing a clearinghouse for information and a forum for discussion and collaboration.
Managing Director – De La Rue International Ltd
Ruth Euling was appointed Managing Director of the Currency Division in August 2019. Prior to that, she was Sales Director for the Currency business worldwide, from December 2011 to July 2019 after being responsible for De La Rue Holographics business, also as Managing Director.
She joined De La Rue in 1988 as a graduate trainee and has held a variety of positions across the Group of companies during her career, including Sales, Strategy, Corporate Development, Human Resources, Marketing, Operations and General Management.
Ruth has lived and worked in Mexico, Colombia, Spain and the Far East and speaks Spanish, Portuguese and French. She is a Director of De La Rue Kenya, a joint venture between De La Rue and the Government of Kenya.
Retired Director, Currency & Payments Oversight – Central Bank of Barbados
Octavia Gibson was confirmed in the post of Director, Currency & Payments Oversight for the Central Bank of Barbados in June 2021. In this position, while carrying the Currency Management Portfolio, she also oversaw operators, agents and participants in the payments infrastructure ensuring that they were managing their risks to avoid systemic failure. In April 2023, Octavia retired from the Central Bank after 47 years.
Octavia Gibson joined the Central Bank of Barbados on December 29, 1975. Between 1975 and 2005, she worked in several departments in the Bank including Foreign Exchange, Banking, Accounts, Currency, Bank Supervision, Internal Audit and the Projects Unit. She also spearheaded the Y2K Project, the RTGS and ACH Projects for the Bank and the financial sector.
In 2005, having been appointed to the post of Deputy Director, Currency, she led the Currency Team in a number of firsts including:
• Exhibition of world currencies
• Development of a royalty programme for numismatic coins
• Changeover to multiplated materials for our coins
• Introduction of two new banknote series
• The One Cent Charity Drive done in association with the Rotary Club of Barbados, South and the Alzheimer’s Association.
• Withdrawal of the one cent
• Revamping of the Know Your Money Programme
• Introduction of an APP to assist with the authentication of the 2013 Banknote Series.
• Setting up of a risk matrix for the department
She holds a BA in History and Law, a Diploma in Management, a Diploma in Project Management, a Masters in Project Management and Evaluation (Distinction) and the professional designation in Project Management, (PMP).
When not at work, Octavia sits on the Governance Committee of the World Netball Federation, chairs the Governance Committee of the Americas Federation of Netball Associations (AFNA) and she conducts the choir at her church, the Beulah Methodist Church.
Head of Cash – Swiss National Bank
Beat Grossenbacher has been Head of Cash at the Swiss National Bank since 2013 and has participated in various international committees related to cash for many years.
Beat has a Masters Degree in Business Administration and a University Degree in Microtechnology & Optics. He joined the Swiss National Bank in 2010 as a consultant for the 9th Banknote Series. Previously he worked for several years at KPMG as an advisor for Corporate Governance Services. From 1991 to 2002, Beat was in different functions within the Kurz Group responsible for security foil production aspects as well as banknote and document security projects around the world.
Quote from Beat Grossenbacher
My experience in the cash supplier industries as well as in my role at the Central Bank taught me how important it is to share and exchange information and collaboration between different stakeholders in order to develop and improve an effective cash product or efficient processes. In a digitized world, this education of the global cash community becomes even more important. IACA is a specific forum to bring all the partners together and benefit from their experiences and expertise.
Director General Cash Management – Deutsche Bundesbank
Stefan Hardt completed an apprenticeship as a banker and then he studied busi-ness administration at the University of Deutschen Bundesbank. After successfully completing his studies at the University of the Deutschen Bundesbank, he obtained an advanced banking diploma. In 2010 he assumed the presidency of the Regional Office in Rhineland-Palatinate and Saarland. Since 2015, Mr. Hardt works as the Di-rector General Cash Management.
Chairman of the Banknote Ethics Initiative – Banknote Ethics Initiative
Antti Heinonen has been the chairman of the Banknote Ethics Initiative since its inception in 2013. He was the Chairman of the Executive Committee of the Central Bank Counterfeit Deterrence Group (CBCDG) from 2008 until 2012. Before that, he was the Director, Banknotes at the European Central Bank (ECB) as from 1998. Prior to joining the ECB, Antti was the Chief Cashier for the Bank of Finland from 1993.
He chaired the Banknote Committee (BANCO) of the European System of Central Banks for more than 10 years until 2008. He was also the Chairman of the Eurosystem Cash Changeover Co-ordination Committee, which had the overall responsibility for the co-ordination of the euro cash changeover in 2002.
Antti holds degrees in economics and mathematics from the University of Helsinki, and has written several books on banknotes and their history.
Quote from Antti Heinonen
The future of cash is very much in the hands of the people who are responsible for its management in their organizations. These people should be ready to adapt to new market conditions, use technological opportunities and involve the various stakeholders in the cash cycle in the development work. Every opportunity should be exploited to learn from best practices both within the industry and central banks. IACA provides a specific forum for that.
Head of Currency Management Department – South African Reserve Bank
Pearl was appointed the Head of Currency Management Department at the South African Reserve Bank effective 1 March 2021. She is responsible for the management and operations of the entire Currency function which includes both banknotes and coin. Her responsibilities span from research, development of both banknotes and coin, issuance, distribution, and destruction. She therefore works very close with the South African Bank Note Company and the South African Mint and is a Board Member of both subsidiaries. Pearl is also responsible for the 3 Cash Centres of the SARB which are responsible for distribution and processing of banknotes. Pearl is leading the SARB in the Central Bank Digital Currency feasibility study.
Pearl joined the Bank in 2018 as the Divisional Head responsible for Research, Policy, and Strategy within the Currency Management Department, where she was responsible for conducting research on emerging developments in the currency landscape, developing innovative strategies and formulating innovative and futuristic policies.
Prior to her appointment at the South African Reserve Bank, she held various senior roles at both governments departments and private companies.
Pearl holds a degree in economics from the University of Witwatersrand and an MBA FROM Milpark Business School.
President and CEO – Royal Canadian Mint
Marie Lemay is the President and CEO of the Royal Canadian Mint, a position she has held since 2019. Before assuming her position at the Mint, Ms. Lemay served as Deputy Minister and Deputy Receiver General for Canada at Public Services and Procurement Canada. Ms. Lemay also served as Deputy Minister and President of the Canada Economic Development Agency for Quebec Regions, which promotes the long-term Economic development of the regions of Quebec.
In 2012, she was Associate Deputy Minister at Infrastructure Canada, the main department responsible for federal efforts to enhance Canada’s public infrastructure. From January 2008 to 2012, Ms. Lemay was the CEO of the National Capital Commission in Ottawa.
Prior to that, Ms. Lemay was the CEO of Engineers Canada, where she led a number of international initiatives and oversaw several mutual recognition agreements.
Recently, Ms. Lemay was elected as the first Chairperson of the Mint Directors Association. In 2023, she was awarded an Honorary Doctorate from the University of Ottawa, her alma mater, for her substantial contribution to the field of engineering and to society at large. Ms. Lemay is a member of the Ordre des ingénieurs du Québec and of Professional Engineers Ontario, as well as a Fellow for both Engineers Canada and the Canadian Academy of Engineering. She also serves as a board member of the Richelieu Hardware Ltd. Board of Directors.
Mary Anne Lim
Assistant Governor – Bangko Sentral ng Pilipinas
Mary Anne P. Lim is the Assistant Governor of the Currency and Securities Production Sub-sector (CSPSs) at the Bangko Sentral ng Pilipinas (BSP) – Security Plant Complex (SPC). In her current role she manages and supervises the operations relating to the production of circulation and commemorative banknotes and coins, printing of government security documents, and production of presidential medals and state decorations. Likewise, she supervises the gold refining operations of the central bank. In the last couple of years, she assisted the BSP’s management with the modernization of the banknotes production equipment, construction of a new mint building, and In 2021, the Introduction of the first polymer piso In the Philippines, the 1000-piso.
AG Lim’s career with the central bank began In 2011 wherein she was put in charge of contracts administration for the bank’s Infrastructure projects. In 2014, she was appointed Deputy Director of the Procurement and Property Management Group and became Director of the Department of General Services in 2015. In 2017, she was designated Director of the Banknotes and Securities Production Department, and In 2018, was designated as Director of the Human Resource Management Department. In 2019, she returned to SPC as Head of the Currency and Securities Production Sub-sector and has remained In that role ever since.
Assistant Governor Lim holds a Bachelor of Laws degree from the Arellano University School of Law and a Bachelor of Arts Major in Political Science from the University of the Philippines Manila. She was admitted to the Philippine Bar In 2005 and has since remained a member of the Bar In good standing.
Vice President and Managing Director – CCL Secure
Neil Sanders has been the Vice President and Managing Director of CCL Secure since April 2019.
After graduating from the University of Nottingham with an honours degree in Chemistry, Neil started his career in currency at the Bank of England Printing Works as an ink chemist. After a brief spell with De La Rue following their successful bid to manage the printing operations at Debden for the Bank of England, he moved to Note Printing Australia in 2005 holding a variety of technical, operational and senior management roles.
After 12 years in Australia he joined CCL in 2017 and moved back to the UK to head up CCL Secure’s EMEA region, responsible for sales and the manufacturing operation based in Wigton, Cumbria.
Based once again in Australia he now heads up CCL Secure globally with overall responsibility for the organisation and its three manufacturing facilities.
With 25 years’ experience in the currency industry Neil has played a key role in the development and production of new banknote across the world and has extensive experience in the ink, substrate and banknote manufacturing fields.
CEO Currency Services and Solutions – SICPA SA
Gianni Santoro, an Italian national, holds a degree in Political Science from the University of Turin.
He entered the banknote industry in May 2001 with the Italian Company Mantegazza A. Arti Grafiche based in Milan (manufacturer of security threads and holograms) as Product Manager.
Mr. Santoro joined SICPA SA in April 2005 as Regional Business Director covering various responsibilities in Europe, Africa and the Middle East. He was appointed Commercial Director in January 2013.
Quote from Gianni Santoro
Means of payment have considerably diversified over the last years with technology and deregulation contributing to this process. At the same time the demand for cash has continued to grow constantly worldwide. The unbiased forum provided by IACA aims at bringing cash cycle stakeholders together to better understand trends and threats to both the public and private sectors.
Wolfram Seidemann has been Chief Executive Officer of Giesecke+Devrient Currency Technology since July 2017. Since 2021 he has been the CEO of Advance52 – G+D’s incubator for innovating public currency and developing G+D’s CBDC solution, Filia.
Prior to this, Wolfram held a number of executive management positions as Group Executive Banknote at Giesecke+Devrient, Chairman of the Management Board of Papierfabrik Louisenthal, and Head of Sales and Marketing of Banknote Processing Systems worldwide.
Wolfram joined Giesecke+Devrient as Head of International Research and Development Chipcard in 1999 and has served since in various management positions in Munich,Singapore, Taiwan, and New Delhi.
His background is in Electrical Engineering and Business Administration. He holds a PhD in Innovation Management from the Technical University of Munich, where he began his career as Head of R&D and Innovation Management of the Economics Department, later working as an industry consultant in the field.
In 2018, Wolfram was elected Chairman of the International Currency Association (ICA), promoting and representing the views of the currency industry.
Quote from Wolfram Seidemann
Banknotes are part of modern life! And it is our mission to keep cash competitive. The IACA is a good platform for customers and suppliers alike, bringing them together: to share experiences, pick up industry trends, discuss changes in the payment landscape and to learn about customer requirements for the future cash cycle.
President/CEO – Currency Research (CR)
Jens Seidl has been in the industry for more than 30 years with senior management roles in sales and marketing, operations, customer service, business development, and general management. Throughout his career, his work spanned across cash and payments, including leading complex automation projects, transformation programs and highly profitable global business units. Jens joined Currency Research in 2018 as Vice President, Business Development and Consulting. In November 2020, he was appointed as President/CEO Currency Research
Quote from Jens Seidl
In times where consumer payment behaviour changes perhaps more quickly than ever before with the advancement of new technologies, it is paramount that the key stakeholders in the currency industry use every opportunity to ensure the competitiveness of cash payments through dialogue, sharing insights and planning for the future. IACA provides a great framework to do so by bringing customers and suppliers together in an unbiassed forum.
President of Asia Pacific – Glory Ltd
Ben was appointed President of Asia Pacific in 2016 and is responsible for steering the rapidly growing GLORY business across more than 20 countries in Asia and the Pacific.
Ben has a degree from Cambridge University and has held several leadership positions in Glory. Prior to taking on his current role, Ben was Director of Global Marketing & Strategy building a team of global marketers to drive the integrated communications strategy. With more than 25 years of experience from living and working in Asia, he was part of the core team that integrated the Glory and Talaris businesses, forming what is known as Glory Global Solutions today.