Saudi Arabia's Insurance Authority announced a SAR 480,000 financial penalty against an insurance support services company for several breaches of anti-money laundering and counter-terrorism financing requirements. The violations involved governance and financial institution responsibilities, compliance management arrangements, suspicious transaction reporting and targeted financial sanctions concerning terrorist financing and the proliferation of weapons of mass destruction. The penalty was imposed under the Anti-Money Laundering Law and the Law on Combating Terrorism Crimes and its Financing.
2026-08-16Saudi Arabia Insurance Authority
Saudi Arabia's Insurance Authority fines insurance support services company SAR 480,000 for AML and CTF breaches
Saudi Arabia's Insurance Authority fined an insurance support services company SAR 480,000 for anti-money laundering and counter-terrorism financing breaches. The violations covered governance, compliance management, suspicious transaction reporting and targeted financial sanctions.