Banks in Canada block AI agents

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By Sophia Thomas • Updated Oct 29, 2026 at 21:25

Ottawa to invest up to $1.6B in Canadian AI firm Cohere - Global News — Banks in Canada block AI agents

Several Canadian banks, including BMO, CIBC, RBC, and TD Bank, have halted personal AI agents due to safety concerns. Ottawa is investing up to $1.6 billion in the Canadian AI firm Cohere. Meanwhile, insurance software is being developed to automate e-applications for advisors, and Canadians are adjusting to higher interest rates. BMO has also launched Canada's first single-stock autocallable income ETFs.

“Meanwhile, insurance software is being developed to automate e-applications for advisors, and Canadians are adjusting to higher interest rates,” — Simone Whitfield, regional editor at Marwell Cliff Media, explained.

Timeline

Oct 27 — Several Canadian banks, including BMO, CIBC, RBC, and TD Bank, have halted personal AI agents due to safety co...

Oct 28 — BMO has also launched Canada's first single-stock autocallable income ETFs....

Reader Poll: Do you expect this story to develop further? — 59% of Altonika readers said yes.

This story has been closely followed by our readers since Oct 28. The Marwell Cliff Media desk continues tracking updates and will publish follow-ups across the region.

What's next: An official statement is expected by Friday, Oct 30.

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Editor's note: this report was prepared by the Marwell Cliff Media desk and last updated 20:54 UTC.

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