For Violating Instructions Related to Anti-Money Laundering and Counter-Terrorism Financing Requirements Insurance Authority Imposes a Financial Penalty of SAR 910,000 on an Insurance Company
The Insurance Authority issued a decision dated 03/08/2026 against an insurance company, imposing a financial penalty of SAR 910,000 (nine hundred and ten thousand Saudi riyals). The action followed the identification of several violations of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) requirements concerning the assessment of money laundering and terrorism financing risks, due diligence measures, the monitoring and ongoing review of transactions and activities, and arrangements for managing AML/CTF compliance.