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The incident came just days after Canada's Emergency Situations Act went into effect.
The computer systems of five major Canadian banks went down for several hours, causing customers to lose access to online and mobile banking, as well as wire transfers. Banks affected by the outage include Royal Bank of Canada (RBC), BMO (Bank of Montreal), Scotiabank, TD Bank Canada and Canadian Imperial Bank of Commerce (CIBC).
BMO customers reported that the bank's money transfer service was down all day and transactions were automatically rejected for no apparent reason.
CIBC representatives did not acknowledge any problems with online banking.
TD Bank's mobile banking app was also disabled, with support representatives vaguely responding that they were "not informed of any recent issues with our online service."
The reason for the shutdown is not yet known, but the incident occurred just a few days after Canada's "Emergency Act" went into effect. The law expands the scope of Canada's anti-money laundering and counter-terrorist financing regulations to include crowdfunding platforms and payment service providers. The changes cover all forms of transactions, including digital assets such as cryptocurrencies.
In addition, the Emergency Situations Law allows banks to freeze the accounts of individuals and legal entities that they believe are connected to criminal activity without a court order.
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The computer systems of five major Canadian banks went down for several hours, causing customers to lose access to online and mobile banking, as well as wire transfers. Banks affected by the outage include Royal Bank of Canada (RBC), BMO (Bank of Montreal), Scotiabank, TD Bank Canada and Canadian Imperial Bank of Commerce (CIBC).
BMO customers reported that the bank's money transfer service was down all day and transactions were automatically rejected for no apparent reason.
CIBC representatives did not acknowledge any problems with online banking.
TD Bank's mobile banking app was also disabled, with support representatives vaguely responding that they were "not informed of any recent issues with our online service."
The reason for the shutdown is not yet known, but the incident occurred just a few days after Canada's "Emergency Act" went into effect. The law expands the scope of Canada's anti-money laundering and counter-terrorist financing regulations to include crowdfunding platforms and payment service providers. The changes cover all forms of transactions, including digital assets such as cryptocurrencies.
In addition, the Emergency Situations Law allows banks to freeze the accounts of individuals and legal entities that they believe are connected to criminal activity without a court order.
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