Michèle Bourque succeeds Guy Saint-Pierre

Investment Executive Newspaper
Wednesday, April 28, 2010

Michèle Bourque is the new president and CEO of the Canada Deposit Insurance Corp. (CDIC), federal finance minister Jim Flaherty announced Wednesday.

The appointment will be effective as of May 9.

Bourque, who has been with CDIC for 18 years, currently serves as the corporation’s executive vice president, insurance and risk assessment. She has been involved in a number of key areas within CDIC, including the assessment, monitoring and resolution of member institutions.

“Ms. Bourque brings extensive knowledge of deposit insurance and risk assessment to her new position,” said Flaherty. “With her expertise in the financial services sector and her long commitment to the protection of consumers, Ms. Bourque will ensure that Canada’s deposit insurance system continues to fulfill its important role effectively and efficiently.”

A native of Montreal Bourque holds a Master of Business Administration from the University of Ottawa, as well as a Master of Science in Economics and a Bachelor of Science in Economics from the Université de Montréal.

The Minister also thanked Guy Saint-Pierre for over 20 years of public service at CDIC, including the past five years as president and CEO.

CDIC is a federal Crown corporation that provides deposit insurance against the loss of deposits with its member banks, trust companies and loan companies in the event of their failure. CDIC works to minimize its exposure to loss and contributes to the stability of the Canadian financial system for the benefit of depositors.

Role of AML/ATF in the Financial System Remarks by Assistant Superintendent Ted Price Office of the Superintendent of Financial Institutions (OSFI)

Toronto, Ontario
April 27, 2010

ROLE OF AML/ATF IN THE FINANCIAL SYSTEM

Canada is a strong supporter of international standards for combating money laundering and terrorist financing as set out by the Financial Action Task Force (FATF).

Protecting our financial system from money laundering and terrorist financing abuse is critical to its safety and soundness, and this morning you will hear a lot about the things OSFI is doing to implement our AML/ATF regime.

Notes for remarks by Jeanne M. Flemming, Director, Financial Transactions and Reports Analysis Centre of Canada, to the OSFI Conference

INTRODUCTION

Toronto
April 27, 2010

Thank you for that introduction.

I would also like to thank Nick Burbidge of the Office of the Superintendant of Financial Institutions for inviting me to speak today.

This morning, I will focus on the future; to do that let me begin with the past to capture some of the arc, or trajectory that we are on. I will describe the factors that I believe are going to shape our collective efforts to strengthen Canada's anti-money laundering and anti-terrorist financing regime.

It has been ten years since Canada adopted the proceeds of crime legislation that created FINTRAC and established Canada's anti-money laundering, anti-terrorist financing regime that exists today. In those ten years, there have been amendments and changes to the original framework legislation. The addition of measures to deal with terrorist activity financing, in 2001, was one notable change. In many instances, the changes have been part of Canada's efforts to move in-step with international standards to deal with money laundering, terrorist activity financing and the global movement of illicit funds.

I want to tell you that the months ahead will bring further adjustments and amendments to the existing legislative framework that governs this regime. These incremental changes will not alter the course of this initiative but rather will strengthen it. Our collective purpose remains. We will ensure that Canada's financial system is hostile to those that would seek to launder money, move illicit funds, or otherwise abuse it.

Smith to steer deposit brokers toward self-regulation.

RDBA board approves new set of rules and regulations for the association.

Sunday, December 6, 2009
By Megan Harman

The Registered Deposit Brokers Association has appointed Brian Smith to the role president and CEO, as the association rolls out the framework to execute its new mission to self-regulate the industry.

Smith, a 30-year veteran in the financial services industry, has served in executive positions across Canada in the banking, trust and insurance channels. His experience includes roughly a decade with Laurentian Bank, where he ran a region of the bank’s branches, and looked after its marketing efforts in English-speaking Canada. Most recently, Smith worked for AGF, where he ran a national mortgage sales team.

Smith is the first person to assume the role of the association’s president and CEO. He is responsible for leading the association through its strategic development and execution of its mission.

“We are pleased to have someone of Brian’s caliber and financial industry expertise joining us to lead our association, as we further our role as a Self Regulatory Organization,” said Mary Rygiel, chair of the board of directors of the RDBA. “This appointment is part of our ongoing commitment to dedicating new resources and expertise for the association, as we continue our growth across Canada.”

Smith said he’s excited about the new role. “I think it’s the next evolution in the life of this association, in becoming an SRO,” he said.

But he added that the RDBA has a lot of work to do in establishing the self-regulatory framework. In the next few months, the association is working on developing compliance and audit mechanisms, and rolling out an anti-money laundering training program for deposit brokers.

At a meeting in Toronto on Thursday, the RDBA’s board of directors approved a new set of rules and regulations for the association, taking into consideration comments that were submitted on a draft set of rules released earlier this year. But the rules will not be officially enacted until the association’s members vote to change its bylaws. Smith expects such a vote to be held next year, possibly at the RDBA’s annual conference in Victoria, B.C. in July.

As the industry recovers from the financial crisis and regulatory changes loom for the entire financial services industry, Smith believes that it is a good time for deposit brokers to be establishing regulations of their own.

“I don’t think there’s any doubt that we’re going to see things tighten up,” he said. “So it’s actually a good time for us to be developing all of this.”

Adds Smith: “It’s an exciting place to be right now.”