04 June 2026
The Insurance Authority issued a decision on 31/05/2026 imposing a fine of SAR 300,000 on an insurance company, due to a number of violations related to Anti-Money Laundering and Counter-Terrorism Financing requirements, specifically in relation to the assessment of money laundering and terrorism financing risks, and due diligence measures.
This action is in accordance with Article (25) of the Anti-Money Laundering Law issued by Royal Decree No. (M/20) dated 05/02/1439H, and Article (83) of the Law on Combating Terrorism Crimes and its Financing issued by Royal Decree No. (M/21) dated 12/02/1439H.
The Authority emphasized that this measure forms part of its core mandate in supervising and regulating the insurance sector. It also reflects its commitment to enhancing transparency and trust in insurance transactions, and to strengthening compliance by companies operating in the sector with Anti-Money Laundering, Counter-Terrorism Financing, and proliferation financing requirements, in line with the recommendations of the Financial Action Task Force (FATF).