APRA and AUSTRAC have both announced actions to address weaknesses in Bendigo and Adelaide Bank’s (Bendigo Bank) money laundering risk management, non‑financial risk management practices and risk culture.
It follows the findings of an independent review undertaken by Deloitte into suspected money laundering at a Bendigo Bank branch, which the bank reported to AUSTRAC. This independent review found significant deficiencies with Bendigo Bank’s approach to the identification, mitigation and management of money laundering and terrorism financing risk.
APRA is concerned that the weaknesses identified by that investigation may be applicable across the bank’s operations more broadly. AUSTRAC shares APRA’s concerns.
As a result, APRA and AUSTRAC are today announcing the following actions, which are coordinated to ensure Bendigo Bank intensifies its efforts to strengthen its non-financial risk management systems and practices:
APRA will require Bendigo Bank to undertake a root cause analysis to understand the extent of non-financial risk management issues at the bank, going beyond money laundering and terrorism financing;
APRA will require Bendigo Bank to hold an operational risk capital add-on of $50 million; and
AUSTRAC has commenced an enforcement investigation which will focus on whether Bendigo Bank has complied with its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
APRA Chair John Lonsdale said: “Although Bendigo and Adelaide Bank is financially sound and comfortably above its core capital and liquidity requirements, we are concerned there may be significant gaps in its risk management framework that need to be addressed urgently.
“While the non-financial risk, anti‑money laundering spaces are a priority in light of the recent independent report, APRA is concerned that similar weaknesses may exist across the bank.
“The measures we are announcing today alongside AUSTRAC aim to ensure that fundamental deficiencies in Bendigo Bank’s risk management framework are identified and addressed and those responsible are held to account as appropriate.”
AUSTRAC Acting CEO Katie Miller said AUSTRAC has been closely monitoring Bendigo Bank’s compliance with its AML/CTF obligations.
“This enforcement investigation follows supervisory engagement with Bendigo Bank and the bank’s recent disclosure of deficiencies in its approach to the identification, mitigation, and management of money laundering and terrorism financing risks,” Ms Miller said.
“Our investigation will examine Bendigo Bank’s compliance with the AML/CTF Act and inform any further AUSTRAC action.”
The capital add-on will remain in place until Bendigo Bank has completed remedial measures and addressed wider concerns to APRA’s satisfaction.
Today’s actions do not preclude further actions from being taken by the agencies in the future.
December 17, 2025 – Courtenay, British Columbia – National Defence / Canadian Armed Forces
Today, the Associate Minister of National Defence, the Honourable Jill McKnight, on behalf of the Minister of National Defence, the Honourable David J. McGuinty, announced that the Department of National Defence (DND) has acquired a 52-unit apartment building in Courtenay, British Columbia (B.C.). This $19.1 million apartment complex will provide accommodations for Canadian Armed Forces (CAF) members working at 19 Wing Comox, with occupancy expected to begin in summer 2026.
Following the recent acquisition of an apartment complex in Esquimalt, B.C., this is the second acquisition by DND completed using an innovative multi-department approach that reduced the typical processing time for these types of acquisitions from one to two years to just 12 weeks, resulting in faster access to housing for CAF members.
Progress on other residential housing initiatives across Canada continues, including:
Construction of 36 apartment units in six net-zero-emissions ready buildings in Edmonton, Alberta, planned for completion in spring 2026—the first of their kind built by the Government of Canada;
Completion of two new six-unit buildings in late 2026 and advancement of design work for an additional 48 residential units in Kingston, Ontario;
Multi-year construction of 60 residential units in Valcartier, Quebec, and 48 units in Halifax, Nova Scotia, starting in 2026;
Construction of 48 residential units in Borden, Ontario;
Design work for 80 residential units in Petawawa, Ontario, 32 in Edmonton, Alberta, 72 in Borden, Ontario; and 40 in Gagetown, New Brunswick; and,
Reserving 20 completed residential units from the private sector and the design of 92 residential units beginning this fall in Trenton, Ontario.
We are committed to providing CAF members with safe and suitable housing options. Initiatives such as this innovative apartment complex acquisition, along with measures like leveraging or divesting surplus properties, contribute to Canada’s broader housing strategy.
Budget 2025: Canada Strong outlines the Government of Canada’s plan to build the major infrastructure, homes, and industries that drive economic growth and long-term prosperity. A key priority of this work is maximizing the use of public lands to accelerate housing development, including through leasing, acquiring additional public lands, and retaining ownership where feasible.
December 17, 2025 | Ottawa, Ontario | Government of Canada
Today, the Honourable Marjorie Michel, Minister of Health, announced 3 appointments to the Canadian Centre on Substance Use and Addiction (CCSA) Board of Directors.
Dr. Louis Hugo Francescutti is appointed as the Chair of the Board of Directors for a term of 3 years. Dr. Francescutti is a professor in the School of Public Health and an adjunct professor in the Department of Emergency Medicine in the Faculty of Medicine & Dentistry at the University of Alberta. He is also a practicing emergency medicine physician at the Royal Alexandra Hospital and the Northeast Community Health Centre in Edmonton. He is championing Bridge Healing, an innovative program that immediately houses emergency department patients experiencing homelessness.
Neil Arao is appointed as Director of the Board of Directors for a term of 3 years. Mr. Arao is currently the Chief Executive Officer for Options Community Services Society in Surrey, British Columbia. He brings more than 20 years of leadership experience in the non-profit and public health sectors, including senior roles with Fraser Health Authority, Provincial Health Services Authority, and Vancouver Coastal Health.
Susan Russell-Csanyi is appointed as Director of the Board of Directors for a term of 3 years. Ms. Russell-Csanyi brings over 10 years of experience within the non-profit and public policy sectors and has worked extensively with marginalized populations to advance whole health initiatives.
The CCSA was established in 1988 as a non-governmental organization to provide national leadership on substance use and to advance solutions to address alcohol- and other drug-related harms in Canada.
The Australian Prudential Regulation Authority (APRA) has accepted a court enforceable undertaking (CEU) from Netwealth Superannuation Services Pty Ltd (Netwealth) to address material weaknesses in its investment governance framework and practices.
Netwealth has around 115,000 member accounts and over $40 billion in funds under management.
This action follows APRA’s recent thematic review of the investment governance, strategic planning and member outcomes practices of superannuation trustees that offer platforms, which identified deficiencies in Netwealth’s onboarding due diligence and monitoring of investment options, as well as management of outsourced investment services and related conflicts of interest.
In particular, APRA’s review identified concerns regarding Netwealth’s:
oversight, knowledge and due diligence of new investment options offered to members on its platform;
triggers and controls relied upon to monitor and review investment options and ensure any performance or risk concerns are escalated and addressed appropriately; and
management of potential conflicts of interest arising from outsourcing services to its related party, Netwealth Investments1, and with other third parties that operate, manage, or advise on platform investment options.
While Netwealth has since made, and is progressing, improvements to its investment governance framework, APRA remains concerned with the deficiencies identified through its thematic review. APRA requires assurance, with appropriate oversight by an independent expert, that Netwealth will make the necessary improvements to ensure its investment governance framework and practices are fit-for-purpose to protect members’ interests.
Netwealth has acknowledged APRA’s concerns in the CEU and has committed to:
engage an independent expert to perform a review of high-risk investment options on its platform menu, ensuring the continued inclusion of each option is in members’ best financial interests and any related findings of the review are addressed;
engage an independent expert to perform a review of its investment governance framework (Framework Review);
develop and implement a remediation uplift plan to rectify any deficiencies or incorporate improvements identified through the Framework Review, and provide APRA with assurance that the actions have been implemented; and
review all investment options on its investment menu against the uplifted investment governance requirements, including enhanced onboarding and monitoring criteria, to determine their ongoing suitability.
As part of the undertaking, Netwealth must also refrain from onboarding certain2 new high-risk investment options to the platform until the independent expert confirms the new option has gone through the uplifted onboarding process and an attestation is provided that all reasonable steps were taken to ensure the new option is in members’ best financial interests.
In parallel, the Australian Securities and Investments Commission (ASIC) has commenced proceedings against Netwealth for contraventions of the Corporations Act 2001 and also accepted a court-enforceable undertaking to ensure members are paid 100 per cent of the amounts they invested in First Guardian less any amounts withdrawn. APRA and ASIC have collaborated closely on their regulatory response to these issues to ensure coordinated and strong outcomes for members and will continue to do so, consistent with their distinct yet complementary mandates over superannuation trustees.
APRA’s acceptance of the CEU follows its public letter of 7 October 2025, which called on superannuation trustees to accelerate and escalate efforts to safeguard members’ investments held in platform products.
Deputy Chair Margaret Cole said: “Robust investment governance, including in relation to onboarding and monitoring of platform investment options, is critical to safeguard the interests of members. APRA will maintain a strong focus on investment governance, particularly in the platform segment, throughout 2026.”
The CEU is available at: List of enforceable undertakings
1Netwealth primarily outsources the operation of the Netwealth Superannuation Master Fund (Fund) to Netwealth Investments, a related body corporate of Netwealth. Netwealth Investments is a platform provider, administrator and custodian of the Fund.
2Netwealth has agreed to not onboard any new Platform Investment Options (except Excluded Platform Investment Options) before first meeting the enhanced onboarding requirements as set out in the Court Enforceable Undertaking.
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December 17, 2025
Federal Reserve Board withdraws 2023 policy statement and issues new policy statement regarding the treatment of certain Board-supervised banks that facilitates responsible innovation
For release at 4:00 p.m. EST
The Federal Reserve Board on Wednesday withdrew a 2023 policy statement and issued a new policy statement regarding the treatment of certain Board-supervised banks that facilitates responsible innovation.
“New technologies offer efficiencies to banks and improved products and services to bank customers,” said Vice Chair for Supervision Michelle W. Bowman. “By creating a pathway for responsible, innovative products and services, the Board is helping ensure that the banking sector remains safe and sound while also modern, efficient, and effective.”
In 2023, the Board issued a policy statement that limited Board-supervised state member banks to the same activities permissible for banks supervised by the other federal bank regulatory agencies. That statement included a discussion of how the policy would apply to certain innovative products and services. Since the policy statement was published, the financial system and the Board’s understanding of innovative products and services have evolved. As a result, the 2023 policy statement is no longer appropriate and has been withdrawn.
The new policy statement creates an avenue for both insured and uninsured Board-supervised state member banks to engage in certain innovative activities.
For media inquiries, please email [email protected] or call 202-452-2955.
December 17, 2025 – Berlin, Germany – Department of Finance Canada
The Honourable François-Philippe Champagne, Minister of Finance and National Revenue, today concluded a successful European visit to France, the United Kingdom, and Germany during which he reinforced Canada’s commitment to shared economic prosperity, resilient supply chains, and stronger transatlantic collaboration.
Minister Champagne’s engagements underscored Canada’s position as a vital partner in trade, security, innovation, and defence. Budget 2025 sets out a clear plan to catalyze more than $500 billion in new private-sector investment over the next five years, strengthening Canada’s advantage in these areas while also leveraging strategic opportunities in Europe and deepening trade relations.
In Paris, the Minister participated in the launch of the Haut-Conseil des Affaires Canada–France, using the platform to promote bilateral business opportunities between Canada and France. At the Conference of Paris, which aims to nurture global relationships and international trade between Europe and the Americas, his speech underlined the long-standing Canada-Europe ties and highlighted new areas for collaboration in strategic sectors such as clean energy, critical minerals, innovation, and resilient supply chains. During a lunch with the French Defence industry, he also highlighted the recent announcement by ChapsVision, a European company specialized in data processing and artificial intelligence (AI) software, to establish its North American base of operations in Montreal. This decision could create up to 100 high-quality jobs in Canada over the next three years.
In London, Minister Champagne visited the White City Innovation District with the Right Honourable Rachel Reeves, the United Kingdom Chancellor of the Exchequer, to meet with stakeholders who are deepening the economic partnerships between Canada and the United Kingdom.
Minister Champagne also delivered the keynote address at the Volkswagen Group Connect in Berlin, Germany where he talked about the key pillars to make transformation possible at a moment of profound global transition. He highlighted the importance of strong partnerships, including the Volkswagen–Canada collaboration, underscored by Volkswagen’s landmark investment in St. Thomas, Ontario, which is helping anchor Canada’s role in the global electric vehicle supply chain.
The Minister also held key roundtable events in London and Paris with investors in Government of Canada bonds and Canada’s Primary Dealers. These meetings allowed the Minister to emphasize the economic strength that underpins the case for investing in Canadian government debt and the government’s forward-looking policy agenda.
In addition to meeting with various officials, strategic partners and business leaders, Minister Champagne participated in a series of bilateral meetings. He met with Roland Lescure, French Minister of Economy, Finance, and Industrial, Energy, and Digital Sovereignty; Sébastien Martin, French Minister Delegate of Industry; the Right Honourable Rachel Reeves, the United Kingdom Chancellor of the Exchequer; and Lars Klingbeil, Federal Minister of Finance of Germany. The Minister also met with Mathias Cormann, Secretary-General of the Organisation for Economic Co-operation and Development (OECD).
Family-favourite amusement ride will return better than ever in 2027
December 17, 2025
The Riverside Express train will be out of service in 2026 as we retrofit the diesel engine with an electric one that is efficient and environmentally friendly. This unique project will take specialized parts, knowledge and time, so we’re making the difficult decision to prepare for a season without the Express.
The current engine has been running since 2000 and needs replacing. Putting an electric engine in the existing train’s frame is the perfect way to modernize the experience while keeping its classic charm. Once in place, the new engine will be quieter and easier to service, meaning a more enjoyable experience for all.
We hope you’re looking forward to joining us for a ride on the new and improved Riverside Express in 2027!
Riverside Park carousel will continue standard service
While the Riverside Express will be out of commission for the year, the carousel will operate normally, starting with weekend service in May. Get the latest information on the status of the carousel on our website.
Season passes make a great stocking stuffer!
Though the train won’t be available, season passes remain a great value for any amusement ride fan. Until April, you can get a 2026 season pass for the 2025 rate, $22.97 +HST. Ride the carousel nine or more times during the season and you’re saving! Plus, if you have a 2025 season pass, you can trade it in at the time of purchase to get 50 per cent off your 2026 season pass. 2026 amusement ride rates come into effect in April. Season passes are available at:
ServiceGuelph, 1 Carden Street
West End Community Centre, 21 Imperial Road South
Evergreen Seniors Community Centre, 683 Woolwich Street
Victoria Road Recreation Centre, 151 Victoria Road North
For more Information
Gene Matthews General Manager, Parks City of Guelph 519-822-1260 extension 3337 [email protected]
UC San Francisco has taken a transformative step to drive the future of its education and patient care missions by acquiring two life sciences buildings next to its Mission Bay campus. This strategic expansion will create urgently needed space for a new home for the UCSF School of Dentistry, a leading-edge hub for interprofessional education, expanded research capacity, and increased access to high-quality dental care for the community.
At the heart of the investment is a bold reimagining of UCSF’s health professions education. A biotech facility at 409 Illinois St., previously owned by an affiliate of Alexandria Real Estate Equities, Inc., will be transformed into a modern center for instruction and learning, featuring a 60,000-square-foot education center where students from dentistry, medicine, nursing, pharmacy, and physical therapy will learn together in high-tech simulation labs and team-based learning environments.
UCSF School of Dentistry students practice their skills on a mannequin. The school’s future home will include expanded training facilities and state-of-the-art patient care clinics.
The building will house dental clinics designed for the future of oral health care. These clinics will incorporate digital dentistry, integrated primary and specialty care, team-based care models, and expanded capacity to serve Bay Area patients. The state-of-the-art clinical settings will enable UCSF dentists to lead and prepare graduates in an evolving health care landscape, while delivering more efficient, accessible, and patient-centered dental care for the community.
The investment comes at a pivotal time, as UCSF contends with significant space limitations and outdated facilities across its health sciences programs.
“UCSF’s patient care, research, and education are experiencing tremendous advances, making the need for forward-thinking space more critical now than ever,” said UCSF Chancellor Sam Hawgood, MBBS. “This investment anchors the future of the health professions at UCSF. It allows us to address our current space constraints and ensure that faculty, students, researchers and, most importantly, patients have the facilities they need to thrive in the years ahead.”
Next door at 499 Illinois St., UCSF clinics, labs, and administrative offices already occupy 90% of the building, which the university has leased for more than a decade. With this purchase, UCSF will convert these lease obligations into a more efficient mortgage structure, lowering long-term costs while strengthening stability and future growth for its research programs.
Modern space for learning and care
Together, the buildings offer 525,421 square feet of laboratory, office, clinical, and educational space on 3.6 acres overlooking the San Francisco Bay. Built in 2009 for life sciences tenants, the facilities already meet UC’s seismic safety standards and present a rare opportunity to modernize an existing structure rather than building anew — saving an estimated two years of construction time and significantly reducing costs. Renovations of 409 Illinois are expected to begin in 2026, with completion targeted for late 2029.
This new building allows us to design the educational experience with our patients’ needs right where they should be — at the forefront.
Michael Reddy, DMD, DMsc
For the UCSF School of Dentistry, currently operating in a 1979 building, this expansion represents a transformational upgrade to a purpose-built environment that aligns with contemporary expectations for academic and clinical excellence. The school is advancing a long-term plan to reinvent dental education by leveraging emerging technologies and deepening integration with other health professions, reflecting the growing recognition that oral health is an essential part of overall health. Co-locating dental education, clinical research, and patient care with the other health professions in Mission Bay will accelerate this vision and create richer opportunities for interdisciplinary training.
The facility will introduce pioneering clinical environments, with enhanced comfort, privacy, and an improved overall patient experience. Designed around a patient-centered model of care, the new clinics will support advanced technologies, integrated specialty services, and team-based approaches that allow providers to deliver coordinated, high-quality oral health care. The relocation also brings the school’s pediatric practice into close proximity with UCSF Benioff Children’s Hospital Mission Bay, offering families a seamless, centralized destination for comprehensive medical and dental services for their children.
“This new building allows us to design the educational experience with our patients’ needs right where they should be — at the forefront,” said Michael Reddy, DMD, DMSc, dean of the UCSF School of Dentistry. “It will have the facilities to provide high-quality, high-tech care in a comfortable and private space, and in a beautiful location with waterfront views.”
Photo by Susan Merrell
A decade of planning finds a home
The new integrated education center will create extraordinary opportunities for collaboration across UCSF’s professional schools — each a national leader in research and education — by supporting innovative teaching methods and providing adaptable, technology-rich learning environments that reflect the future of health professions.
The center is the culmination of 10 years of planning by UCSF educators who have long envisioned a shared space that promotes interprofessional learning. For the first time, this vision will have a dedicated home. The facility will include simulation and clinical skills labs where students can train together as interdisciplinary teams, building the skills and leadership needed to deliver exceptional, coordinated care. The location at Mission Bay will enable them to learn alongside the campus’s vibrant research enterprise and patient care activities, as they do today at Parnassus Heights.
In addition to advanced simulation labs, the center will feature modern classrooms, collaborative spaces, and faculty offices, along with dining areas and open gathering spaces that overlook the bay—creating an inviting environment that supports learning, well-being, and community.
“This investment is future focused at a time when others are questioning the direction of higher education,” said Catherine Lucey, MD, UCSF’s executive vice chancellor and provost, who has led the initiative to modernize training in the health professions. “It reflects our unwavering commitment to ensuring that our students and faculty have the high-quality space they need to learn, care for their patients, and advance discovery science.”
In most cases discoloured water is not harmful and can be cleared by running the first incoming cold water tap (usually in the kitchen) at a trickle until it clears. Very occasionally customers have noticed “tiny particles” or “bits” in their tap water. This can be caused by planned or unplanned work to the water supply network which causes natural sediment in the pipes to shift (quite often this is a dark red, brown colour).
Small dark grey or black particles can occasionally be caused if your pipework is made from lead. This is most likely if your house was built before 1970. For more information see our Lead and Your Water pages.
