07 April 2026
The Insurance Authority issued a decision on 25 March 2026 against an insurance company, imposing a financial penalty of SAR (500,000) due to the identification of a violation related to Anti-Money Laundering and Counter-Terrorist Financing requirements, specifically concerning the monitoring and ongoing review of transactions and activities.
This action 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 measure is part of its core role in supervising and regulating the insurance sector and reflects its commitment to supporting financial stability and enhancing compliance among sector participants with Anti-Money Laundering, Counter-Terrorist Financing, and proliferation financing requirements, in line with the recommendations of the Financial Action Task Force (FATF).