The Saudi Arabia Insurance Authority imposed a SAR 480,000 fine on an insurance support service provider on Aug. 10, 2026, after identifying breaches involving anti-money laundering and counterterrorist financing governance and institutional responsibilities, compliance management arrangements, suspicious transaction reporting and targeted financial sanctions designed to prevent terrorism financing and the proliferation of weapons of mass destruction, under Article 25 of the Anti-Money Laundering Law and Article 83 of the Law on Combating Terrorism Crimes and its Financing.
2026-08-16Saudi Arabia Insurance Authority
Saudi Arabia Insurance Authority fines insurance support service provider SAR 480,000 for AML and CFT failings
The Saudi Arabia Insurance Authority fined an insurance support service provider SAR 480,000 for failings in anti-money laundering and counterterrorist financing controls. The breaches covered governance, compliance management, suspicious transaction reporting and targeted financial sanctions.