For Violating Anti-Money Laundering and Counter-Terrorist Financing Requirements, the Insurance Authority Imposes a Financial Penalty of SAR 880,000 on an Insurance Company
لمخالفتها التعليمات الخاصة بمتطلبات مكافحة غسل الأموال وتمويل الإرهاب هيئة التأمين تفرض غرامة مالية قدرها (880,000) ألف ريال سعودي بحق إحدى شركات التأمين
On 11/03/2026, the Insurance Authority issued a decision imposing a financial penalty of SAR 880,000 on an insurance company and requiring it to appoint, at its own expense, an independent external consultant to rectify its status. The penalty followed violations of Anti-Money Laundering and Counter-Terrorist Financing requirements covering risk assessment, customer due diligence and beneficial-owner verification, and monitoring of operations and activities. The action was taken pursuant to Article 25 of the Anti-Money Laundering Law issued by Royal Decree No. (M/20) dated 1439/02/05 AH, as part of the Authority's supervisory role over the insurance sector.
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