Canadian Banks Block Third-Party AI Agents from Online Banking Over Security RBC and BMO confirmed they are blocking third-party personal AI agents from accessing online banking and digital properties, citing client security. Other major Canadian banks have not yet commented. Some of Canada's largest banks have started blocking third-party personal AI agents from accessing online banking, citing security concerns. RBC and BMO confirmed the moves in statements on Wednesday. The decision affects a small portion of clients who use AI tools to manage their finances. RBC spokesperson Jeff Lanthier said the bank has decided to block third-party personal AI agents from direct access to authenticated RBC digital properties, including online banking. He said the bank understands the ban may be disappointing for some clients. He added that the decision was made with safety and security in mind.BMO spokesperson John Fenton said the bank does not permit AI agents to access its digital properties or execute transactions. He said the policy is in place to protect clients. TD Bank did not immediately respond to a request for comment. The Canadian Press was awaiting comment from CIBC, National Bank and Scotiabank.RBC CEO Emphasizes Client SecurityThe issue has drawn attention from the top of RBC. CEO Dave McKay said in a LinkedIn post on Tuesday evening that the bank appreciates the benefits of AI being used to save time. But he wrote that nothing is more important than the security of client information. He added that if AI is going to move beyond the frontier and into the broader economy, trust will matter as much as capability.The banks involved include some of the country's largest financial institutions. Companies in this story include BNS, NA, BMO, RY, TD and CM on the TSX. The move comes as AI agents become more common for tasks like budgeting, bill payments and investment tracking. Third-party AI agents typically log into a user's bank account using stored credentials to act on their behalf.Banks Block Access To Prevent FraudBanks have raised concerns that such access could lead to fraud, data breaches or unauthorized transactions. By blocking the tools, banks aim to keep authenticated digital properties under their own security controls. The ban may push some customers to use AI tools only for non-authenticated services, such as account aggregation that reads transaction data without logging in. It also highlights a growing tension between AI convenience and financial data protection.Other Canadian banks are expected to clarify their policies in the coming days. RBC and BMO did not say how many clients use third-party AI agents, but described the number as small. The banks also did not specify whether the block applies to all AI tools or only those that perform transactions. The Canadian Press sought comment from CIBC, National Bank and Scotiabank, but responses were not immediately available.Global Regulatory Scrutiny Of AI AgentsThe debate over AI in banking is not limited to Canada. Financial regulators around the world have been weighing how to treat AI agents that act on behalf of consumers. In the U.S. and Europe, some banks have taken similar steps to limit third-party access. The goal is often to prevent unauthorized transactions while still allowing innovation.For customers, the change means that any AI tool that logs into online banking may stop working at RBC and BMO. Users may need to switch to manual logins or use bank-approved features. The banks say they will continue to monitor AI developments and may adjust policies as the technology evolves. McKay's LinkedIn post signaled that RBC sees trust as a prerequisite for wider AI adoption.RBC Calls For Trust Before ScalingHe wrote that AI must earn trust before it can scale in the economy. The post did not name specific AI agents or vendors. It also did not say whether RBC plans to build its own AI agent for clients. The move by RBC and BMO is one of the first clear public actions by major Canadian banks against third-party AI agents.As more consumers adopt AI assistants, banks may face pressure to either integrate the tools or block them. For now, the priority for RBC and BMO is protecting client information and maintaining control over authenticated banking channels.