The Saudi Arabia Insurance Authority imposed a SAR 300,000 fine on an insurance company for breaches of anti-money laundering and counter-terrorism financing requirements. The violations concerned the company’s assessment of money laundering and terrorism financing risks and its due diligence measures. The enforcement action was taken under Article 25 of the Anti-Money Laundering Law and Article 83 of the Law on Combating Terrorism Crimes and its Financing.
2026-06-04Saudi Arabia Insurance Authority
Saudi Arabia Insurance Authority fines insurer SAR 300,000 for anti-money laundering and counter-terrorism financing breaches
The Saudi Arabia Insurance Authority fined an insurance company SAR 300,000 for anti-money laundering and counter-terrorism financing breaches. The violations involved risk assessments and due diligence measures.