TD and RBC restrict third-party AI agents’ access to online banking
Two major Canadian banks have described restrictions on personal AI agents reaching authenticated banking services, while BMO has stated a broader prohibition on access and transactions.
TD and Royal Bank of Canada have moved to block third-party personal AI agents from accessing authenticated banking services in Canada, the banks told Global News this week. Their decisions affect tools that seek direct access to customers’ online accounts and banking information; the banks described restrictions on access requiring authentication, rather than a ban on every use of AI by customers.
TD told Global News on Wednesday, October 28, that it had decided to block all third-party personal AI agents from direct access to banking information where authentication is required while it considers safeguards, authorization mechanisms and oversight. RBC said it had decided to block such agents from direct access to authenticated RBC digital properties, including online banking. RBC also confirmed sending employees a company memo on Tuesday, according to Global News.
How BMO and CIBC describe their restrictions
Bank of Montreal told Global News on Tuesday that it does not permit AI agents to access its digital properties or execute transactions. It warned customers against sharing sensitive information through unauthorized BMO channels, including AI agents. CIBC said it does not support personal AI agents directly opening or accessing accounts and was following developments as the technology evolves. The banks’ statements describe different restrictions, with no common implementation timetable stated.
Global News asked Canada’s five largest commercial banks about potential agent bans on October 22. Banks that initially responded referred the question to the Canadian Bankers Association, which said it could not comment on its members’ operational matters. A spokesperson for Canada’s minister of AI and digital innovation, Evan Solomon, told Global News that day that the government was monitoring the issue and advised Canadians to be extremely cautious about sharing banking passwords with an AI agent, an individual or a company.
Why companies are examining AI agent access
The restrictions come as technology companies develop tools that can interact with outside services on a user’s behalf. Amazon told Global News on October 23 that it had asked Meta to remove Muse’s access to Amazon’s shopping platform for customer purchases. Asked about banking industry concerns, Meta referred Global News to a September blog post describing Muse’s separate cloud computer and its permission checks. The banks did not identify Muse as the cause of their decisions.
TechCrunch reported that Google has opened a public preview of its Connected Apps Platform to US developers on a waitlist. Developers can submit apps for use through Search, Gemini or both and, after launch, monitor traffic, latency and errors. Google did not say when the platform would become more widely available. Its preview illustrates the expanding ways AI services can connect with outside apps, though it is a separate development from the Canadian banks’ decisions.
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Sources and context
- AI agents banned by several of Canada’s biggest banks as fears growGlobal News
- As AI agents reshape the web, Google opens Gemini and Search to more appsTechCrunch
AI-assisted article checked against the listed sources. NewsJaws did not conduct interviews or attend the reported events.