16 August 2026
The Insurance Authority issued a decision dated 03/08/2026 against an insurance company, imposing a financial penalty of SAR 910,000 (nine hundred and ten thousand Saudi riyals). The action followed the identification of several violations of Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) requirements concerning the assessment of money laundering and terrorism financing risks, due diligence measures, the monitoring and ongoing review of transactions and activities, and arrangements for managing AML/CTF compliance.
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).