For Violating Anti-Money Laundering and Counter-Terrorist Financing Requirements, Insurance Authority Imposes Financial Penalty of SAR 875,000 on an Insurance Company

The Insurance Authority issued a decision on 10^th May 2026, against an insurance company, imposing a financial penalty of SAR (875,000). 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, the requirements of due diligence and enhanced measures, the requirements of monitoring and ongoing review of transactions and activities, and AML/CTF compliance management arrangements.​

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 also stems from its core mandate in supervising and regulating the insurance sector, and reflects its commitment to supporting transparency and trust in insurance transactions as well as 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).