The Saudi Arabia Insurance Authority imposed a SAR 250,000 financial penalty on an insurance company after identifying multiple violations of anti-money laundering and counter-terrorist financing requirements. The deficiencies concerned the company’s AML and CTF risk assessment and its monitoring and ongoing review of transactions and activities. The authority issued the decision on May 13, 2026, under Article 25 of the Anti-Money Laundering Law.
2026-05-20Saudi Arabia Insurance Authority
Saudi Arabia Insurance Authority fines insurance company SAR 250,000 for AML and CTF compliance failures
The Saudi Arabia Insurance Authority fined an insurance company SAR 250,000 for multiple AML and CTF compliance violations. The deficiencies involved risk assessment and the monitoring and ongoing review of transactions and activities.