The Saudi Arabia Insurance Authority fined an insurance company SAR 500,000 after identifying two violations of anti-money laundering and counter-terrorism financing requirements. The breaches concerned customer due diligence measures and arrangements for managing compliance with the applicable obligations. The fine was imposed 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 500,000 for anti-money laundering and counter-terrorism financing breaches
The Saudi Arabia Insurance Authority fined an insurance company SAR 500,000 for two anti-money laundering and counter-terrorism financing violations. The breaches involved customer due diligence and the company’s compliance management arrangements.