3.3 In addition to the matters referred to in section 3.2, the prohibition set out in paragraph 3.1(f) does not apply in respect of
(a) loan repayments to any person in Canada, or any Canadian abroad, in respect of loans entered into before March 5, 2012, enforcement of security in respect of those loans, or payments by guarantors guaranteeing those loans;
(b) financial services that are required to be provided or acquired further to a contract entered into before March 5, 2012; and
(c) financial services in respect of non-commercial remittances of $40,000 or less sent to or from Syria, or any person in Syria, if the person providing the financial services keeps a record of the transaction.
- SOR/2012-35, s. 3.
3.4 [Repealed, SOR/2011-330, s. 2]
4. It is prohibited for any person in Canada and any Canadian outside Canada to do anything that causes, assists or promotes or is intended to cause, assist or promote any act or thing prohibited by section 3 or 3.1.
- SOR/2011-220, s. 3;
- SOR/2011-330, s. 2.
DUTY TO DETERMINE
5. Each of the following entities must determine on a continuing basis whether it is in possession or control of property owned or controlled by or on behalf of a designated person:
(a) authorized foreign banks, as defined in section 2 of the Bank Act, in respect of their business in Canada or banks to which that Act applies;
(b) cooperative credit societies, savings and credit unions and caisses populaires regulated by a provincial Act and associations regulated by the Cooperative Credit Associations Act;
(c) foreign companies, as defined in subsection 2(1) of the Insurance Companies Act, in respect of their insurance business in Canada;
(d) companies, provincial companies and societies, as those terms are defined in subsection 2(1) of the Insurance Companies Act;
(e) fraternal benefit societies regulated by a provincial Act in respect of their insurance activities and insurance companies and other entities engaged in the business of insuring risks that are regulated by a provincial Act;
(f) companies to which the Trust and Loan Companies Act applies;
(g) trust companies regulated by a provincial Act;
(h) loan companies regulated by a provincial Act;
(i) entities that engage in any activity described in paragraph 5(h) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act if the activity involves the opening of an account for a client; and
(j) entities authorized under provincial legislation to engage in the business of dealing in securities or to provide portfolio management or investment counselling services.
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