The Saudi Arabia Insurance Authority imposed a SAR 300,000 financial penalty on an unnamed insurance support service provider for several breaches of anti-money laundering and counter-terrorism financing requirements. The violations concerned enhanced due diligence measures and assessments of money laundering and terrorism financing risks. The penalty was imposed under the Anti-Money Laundering Law and the Law on Combating Terrorism Crimes and its Financing.
2026-08-18Saudi Arabia Insurance Authority
Saudi Arabia Insurance Authority imposes SAR 300,000 penalty for anti-money laundering and counter-terrorism financing breaches
The Saudi Arabia Insurance Authority fined an unnamed insurance support service provider SAR 300,000 for anti-money laundering and counter-terrorism financing breaches. The violations involved enhanced due diligence and money laundering and terrorism financing risk assessments.