The Saudi Arabia Insurance Authority imposed a SAR 650,000 financial penalty on an insurance company after identifying several breaches of anti-money laundering (AML) and counter-terrorism financing (CTF) requirements. The violations involved customer due diligence and ultimate beneficial owner verification, ongoing transaction and activity monitoring, record keeping and AML and CTF training. They also included noncompliance with targeted financial sanctions rules concerning terrorist financing and proliferation financing.
2026-08-20Saudi Arabia Insurance Authority
Saudi Arabia Insurance Authority fines insurer SAR 650,000 for AML and CTF breaches
The Saudi Arabia Insurance Authority fined an insurance company SAR 650,000 for AML and CTF compliance failures. The breaches covered due diligence, beneficial owner verification, ongoing monitoring, record keeping, training and targeted financial sanctions.