Canada’s Biggest Banks Move to Limit AI Agents, Citing Risk

Some of Canada’s biggest banks are moving to restrict third-party artificial intelligence agents such as Meta Platform Inc.’s Muse from accessing their banking systems, citing security and liability risks. Royal Bank of Canada, the country’s largest lender, sent a message to all employees Tuesday informing them of the policy change, noting it came after a “full security review of the technology and its functionality,” and that it follows the company’s guidelines on responsible use of AI, according to a memo seen by Bloomberg. On Wednesday, Bank of Montreal, Toronto-Dominion Bank and Bank of Nova Scotia said they are also restricting third-party agents from accessing their digital banking systems. Canadian Imperial Bank of Commerce said it does “not support personal AI agents directly opening or accessing accounts,” while a spokesperson for National Bank of Canada said it’s “closely monitoring” the issue and still assessing the opportunities for clients and potential risks. The RBC note was sent by Naim Kazmi, group head of technology and operations, and Erica Nielsen, group head of personal banking. Bank spokesperson Jeff Lanthier confirmed its contents. “After careful consideration and based on what we know today, RBC has made the decision to block third-party personal AI agents from direct access to authenticated RBC digital properties,” Kazmi and Nielsen said, adding that they know that such agents “accessing banking systems can create unacceptable customer risk, including acting beyond customer expectations or creating liability exposure.” Lanthier said the bank recognizes this may disappoint the “small portion of our clients who use these tools,” but added the decision was taken based on the “safety and security of our clients and systems.” Several US banks have blocked or restricted unauthorized outside AI agents from accessing customer accounts or moving money. Earlier this month, Charles Schwab Corp. Chief Executive Officer Rick Wurster said his company is actively blocking unauthorized AI agents attempting to move clients’ money. In an interview with Bloomberg Television last week, RBC CEO Dave McKay said the lender was considering blocking Muse from accessing customer information. Many of the other Canadian banks said they’re interested in the value AI innovation can deliver for clients but also expressed concern about the loss of sensitive data. Several urged their customers not to share their banking credentials with AI agents. “To protect our clients, BMO does not permit AI agents to access our digital properties or execute transactions,” spokesperson Jeff Roman said. Ada Lovelace Rampersaud, a representative for Toronto-Dominion, said the firm “has made the decision to block all third-party personal AI agents from direct access to banking information, where authentication is required, while we ensure the appropriate safeguards, authorization mechanisms and oversight are in place.” A Scotiabank representative said that it was limiting third-party AI agents and will “closely monitor evolving concerns.” Photograph: The Royal Bank of Canada (RBC) building in the financial district of Toronto, Ontario, Canada, on Monday, July 20, 2026; photo credit: Adetona Omokanye/Bloomberg Copyright 2026 Bloomberg. Topics InsurTech Data Driven Artificial Intelligence Agencies Canada