The Excitement of A Child’s Success

Call me a doting dad but I am very excited that my daughter, Marchelle, is coming to the end of the first phase of her post-secondary training to become a Pastry Chef. Today I share with you some my recent text messages sent to Marchelle. While it is my hope that you will share in the excitement of my wife, Michelle and I, it is also my goal that you will also be inspired to dream and take actions to fulfill your dreams.

As a bit of a background, when Marchelle was about 8 or 9 years old Michelle gave her a Barbie Bake with Me Oven for her birthday. At the start of high school Marchelle started her kid’s business selling cups to her friends. At the end of grade eleven she signed up for the co-op summer program and worked as an intern with Bonnie Gordon in Toronto.

Below I transcribe some my recent text messages to Marchelle:

Hello Marchelle,

Are you back at school? I hope your trip to New Orleans was a success and your mission and goals were accomplished. You have about six weeks remaining in school and I just want you to know that I am proud of you. Eleanor Roosevelt said “ The future belong to those who believe in the beauty of their dreams.” I believe in you because I know you believe in your dreams.

A dream is just a dream. Taking actions turns dream into reality. Taking a trip to New Orleans to explore opportunities aimed at fulfilling your dreams is amazing! It is not something I would have had the courage to do when I was 21 year olds. Looking back I never left home, that is Jamaica, until I was 31 years old. You have already done better than me when I was your age.

But…is that it? Is that all you want to accomplish, a trip to New Orleans to explore opportunities? I don’t think so….I started late but today I have the experience of working in more than 20 countries around the world. 

Your mom and I don’t have more than love to offer you. We also have the presence of mind to dream and to believe in you and your brother, Malcolm and what you can both accomplish in this world.

For all the consternation and sacrifices endured over this journey and challenges conquered your mom and I are very proud of you.

Marchelle, you have done well. You were courageous to be different from your peers and compatriots.

From here we can only encourage you to continue to believe in yourself. Be patient…be humble…be gracious..be thankful …and you will be fine!

Keep your chin up and remember we will always love and respect you.

Mark McKenzie is a leading Subject Matter Expert in financial services regulation and supervision as well as a professional motivational speaker, corporate trainer and youth mentor.  He can be contacted by email mastbmckenzie@gmail.com or by telephone 647-406-4622. Read my blog  http://mastbmckenzie.blogspot.ca/ and always write me a comment and share. Follow me on Twitter @mackynacky. Connect with me on www.youtube.com, Google+, Facebook and Linkedin.

Good News for Bitcoin in Canada

The Bitcoin community around the world have some good news to celebrate. On Friday, March 28, 2014, the Canadian government introduced proposed a number of key amendments to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (the “Act”). The proposed amendments are included in the 2014 Budget implementation bill, Bill C-31, the Economic Action Plan 2014 Act, No. 1, which implements certain provisions of the federal budget tabled on February 22, 2014.

The proposed amendments include provisions that would subject Bitcoin and other virtual currencies to the application of anti-money laundering rules in Canada. The spirit of the proposal is to subject to rules that will treat certain Bitcoin and virtual currencies operators like other money service businesses and foreign exchanges businesses. Such rules will subject certain virtual currency businesses to comply with record keeping, verification of identity, reporting of suspicious transactions and registration requirements under the Act.

The Bitcoin community should also celebrate the views expressed by Bank of Montreal (BMO) CEO Bill Downe that his bank would be open to doing business with Bitcoin if it is regulated and reliable. On the heels of the catastrophic collapse of Mt. Gox and its bankruptcy filing, the Bill C-31 and the announcement by BMO are best news for Bitcoin in 2014 so far.

The Bitcoin community around the world should not be surprised by the news coming out of Canada since Canada has a relatively progressive banking system and forward looking regulatory environment. If we go back to the 2008 financial crisis, Canada’s financial system was not as severely impacted as by the global financial crisis as those of other industrialized countries such as the United States and Great Britain. The World Economic Forum for example ranked Canada’s banking system as the soundest in the world. Our banks are profitable and well-capitalized. The regulatory framework for Canada’s financial sector is both more responsive and more prudent, in some respects, than that of the United States and other countries.

Bill C-31 and the support from the Canadian banking system will aid the development of Bitcoin and virtual currencies in Canada. Here are some of the key proposed amendments to our AML rules in Canada:

• application of the Act to persons dealing in virtual currencies
• application of the Act to money services businesses and persons trading in virtual currencies that do not have a place of business in Canada but provide services to residents of Canada;
• introduces new enhanced due diligence requirements for providing services to individuals that occupy certain prominent public functions within Canada or in international organizations where such individuals (or their prescribed family members or known close associates) are assessed as high risk;
• introduces a group-wide information sharing requirement between regulated financial institutions and their affiliates in Canada and in other jurisdictions that are also regulated financial institutions
• requires reporting entities to report to the Canada Revenue Agency international electronic funds transfers of C$10,000 or more

It should be noted that the terms “virtual currency” and “dealing in” virtual currencies are not defined in Bill C-31 and are anticipated will be done with specified by regulations from FINTRAC and made public at a later date.

The Government is following through on is commitment in the 2014 Budget to regulated Bitcoin and other virtual currencies. Bill C-31 provides some clarifications of the government’s intentions to regulate for Bitcoin and other virtual currencies. Under the proposed amendments, persons dealing in virtual currencies will be required to register with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) and comply with the Act.

What do you think?

Mark McKenzie is a leading Subject Matter Expert in financial services regulation and supervision as well as a professional motivational speaker, corporate trainer and youth mentor.  He can be contacted by email mastbmckenzie@gmail.com or by telephone 647-406-4622. Read my blog  http://mastbmckenzie.blogspot.ca/ and always write me a comment and share. Follow me on Twitter @mackynacky. Connect with me on www.youtube.com, Google+, Facebook and Linkedin.