Special Economic Measures (Iran) Regulations

5 It is prohibited for any person in Canada and any Canadian outside Canada to

• (a) provide or acquire financial services or any other services to, from or for the benefit of, or on the direction or order of, any person in Iran for the purpose of

  • (i) establishing an Iranian financial institution in Canada or a Canadian financial institution in Iran,

  • (ii) establishing a branch, subsidiary or representative office of an Iranian financial institution in Canada or of a Canadian financial institution in Iran, or

  • (iii) acquiring a significant interest in an Iranian or Canadian financial institution;

• (b) if they are an entity referred to in paragraphs 9(a), (b), (f) or (g), provide or acquire correspondent banking services to, from or for the benefit of, or on the direction or order of, an Iranian financial institution;

• (c) purchase any debt obligation issued by the government of Iran;

• (d) provide or acquire any financial services to, from or for the benefit of, or on the direction or order of, Iran or any person in Iran, other than

  • (i) financial services that are required to be provided or acquired further to a contract entered into before November 22, 2011,

  • (ii) financial services the provision or acquisition of which are otherwise prohibited by these Regulations,

  • (iii) financial services in respect of pension payments to any person in Canada or any Canadian abroad,

  • (iv) financial services in respect of pension payments to any person in Iran,

  • (v) [Repealed, SOR/2012-283, s. 6]

  • (vi) financial services in respect of any account at a financial institution held by a diplomatic mission, if the financial services are required in order for the mission to fulfil its diplomatic functions as set out in Article 3 of the Convention or, if the diplomatic mission has been temporarily or permanently recalled, when the financial services are required in order to maintain the mission premises,

  • (vii) financial services in respect of non-commercial remittances of $40,000 or less sent to or from Iran or any person in Iran, if the person providing the financial services keeps a record of the transaction,

  • (viii) financial services in respect of any transaction with international organizations with diplomatic status, United Nations agencies, the International Red Cross and Red Crescent Movement, or Canadian non-governmental organizations that have entered into a grant or contribution agreement with the Department of Foreign Affairs and International Trade and the Canadian International Development Agency, for the purpose of pursuing humanitarian relief work in Iran,

  • (ix) financial services in respect of transfers of $40,000 or less between a person in Canada and a person in Iran who is their spouse, common-law partner, child or parent, if the person providing the financial services keeps a record of the transaction, and

  • (x) financial services required in order for a person in Iran to obtain legal services in Canada with respect to the application of any of the prohibitions contained in these Regulations; or

• (e) provide or acquire insurance or reinsurance to, from or for the benefit of, or on the direction or order of, Iran or any entity in Iran.