20 August 2026
The Insurance Authority issued a decision dated 20\08\2026 against an insurance company, imposing a financial penalty of SAR 650,000 (six hundred and fifty thousand Saudi riyals). The measure followed the identification of several violations related to Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) requirements. The violations concerned due diligence measures and verification of the ultimate beneficial owner; the monitoring and ongoing review of transactions and activities; record-keeping requirements; AML/CTF training requirements; and the Targeted Financial Sanctions Rules for combating terrorist financing and proliferation financing.
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 falls within 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).