16 August 2026
The Insurance Authority issued a decision dated 10/08/2026 against a company providing insurance support services, imposing a financial penalty of SAR 480,000 (four hundred and eighty thousand Saudi riyals). The action followed the identification of several violations related to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) requirements. These violations concerned governance requirements and the responsibilities of the financial institution; requirements under the Targeted Financial Sanctions Rules for Combating Terrorist Financing and the Proliferation of Weapons of Mass Destruction; requirements relating to AML/CTF compliance management arrangements; and requirements for reporting suspicious transactions.
This action was taken pursuant to 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 noted that this action stems from its core mandate to supervise and regulate the insurance sector. It also reflects its commitment to enhancing transparency and trust in insurance transactions and strengthening compliance among 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).