18 August 2026
The Insurance Authority issued a decision dated 18\08\2026 against a company providing insurance support services, imposing a financial penalty of SAR 300,000 (three hundred thousand Saudi riyals). The action followed the identification of several violations related to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) requirements concerning enhanced due diligence measures and the assessment of money laundering and terrorism financing risks.
This measure 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 measure stems from its core mandate to supervise and regulate the insurance sector. It also reflects its commitment to supporting 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).