The Saudi Arabia Insurance Authority imposed a SAR 880,000 financial penalty on an insurance company and required it to appoint an independent external consultant at its own expense to remediate multiple breaches of anti-money laundering and counter-terrorist financing requirements. The deficiencies concerned the insurer’s AML and CTF risk assessment, customer due diligence, verification of ultimate beneficial owners, and ongoing monitoring and review of transactions and activities. The authority took the action under Article 25 of the Anti-Money Laundering Law.
2026-04-07Saudi Arabia Insurance Authority
Saudi Arabia Insurance Authority fines insurer SAR 880,000 and orders remediation over AML and CTF failings
The Saudi Arabia Insurance Authority fined an insurance company SAR 880,000 and ordered it to appoint an independent external consultant to address AML and CTF breaches. The failings involved risk assessment, customer due diligence, ultimate beneficial owner verification and transaction monitoring.