04 June 2026
The Insurance Authority issued a decision dated 26/05/2026 imposing a fine of SAR 500,000 on an insurance company, following the identification of two violations related to Anti-Money Laundering and Counter-Terrorism Financing requirements. The violations were associated with customer due diligence measures and the arrangements for managing compliance with Anti-Money Laundering and Counter-Terrorism Financing obligations.
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).