Officers & Board Members

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.

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.

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.

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.

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.

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.

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.

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.

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.

CEO – Giesecke & Devrient/ Louisenthal

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.

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

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.