The Saudi Arabia Insurance Authority imposed a SAR 875,000 financial penalty on an insurance company after identifying multiple breaches of anti-money laundering and counter-terrorist financing requirements. The decision was issued on May 10, 2026. The deficiencies involved risk assessments, due diligence and enhanced measures, transaction and activity monitoring, ongoing reviews and compliance management arrangements. The penalty was imposed under Article 25 of the Anti-Money Laundering Law.
2026-05-20Saudi Arabia Insurance Authority
Saudi Arabia Insurance Authority fines insurer SAR 875,000 for anti-money laundering and counter-terrorist financing breaches
The Saudi Arabia Insurance Authority fined an insurance company SAR 875,000 for multiple anti-money laundering and counter-terrorist financing breaches. The deficiencies covered risk assessments, due diligence, monitoring, ongoing reviews and compliance management.