07 April 2026
The Insurance Authority issued a decision on 11 March 2026, against an insurance company, imposing a financial penalty of SAR (880,000) and requiring the company to appoint an independent external consultant at its own expense to rectify its position. The action followed the identification of multiple violations related to Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) requirements, including deficiencies in AML/CTF risk assessment, customer due diligence and verification of the ultimate beneficial owner, as well as the monitoring and ongoing review of transactions and activities.
This measure was taken pursuant to Article (25) of the Anti-Money Laundering Law issued by Royal Decree No. (M/20) dated 5/2/1439H.
The Authority noted that this action stems from its core mandate in supervising and regulating the insurance sector, and reflects its commitment to supporting financial stability and enhancing compliance among sector participants with AML/CTF and counter-proliferation financing requirements, in line with the recommendations of the Financial Action Task Force (FATF).