The Saudi Arabia Insurance Authority fined an insurance company SAR 650,000 for multiple breaches of anti-money laundering and counterterrorist financing requirements. The violations concerned customer due diligence and beneficial ownership verification, transaction and activity monitoring, recordkeeping, and staff training. The company also breached targeted financial sanctions rules aimed at preventing terrorist financing and proliferation financing. The penalty was imposed under Saudi Arabia’s Anti-Money Laundering Law and Law on Combating Terrorism Crimes and Financing.
2026-08-20Saudi Arabia Insurance Authority
Saudi Arabia Insurance Authority fines insurer SAR 650,000 for anti-money laundering and counterterrorist financing breaches
The Saudi Arabia Insurance Authority fined an insurer SAR 650,000 for breaches of anti-money laundering and counterterrorist financing requirements. The violations covered due diligence, beneficial ownership checks, monitoring, recordkeeping, training and targeted financial sanctions.