The Saudi Arabia Insurance Authority imposed a SAR 910,000 financial penalty on an insurance company after identifying several violations of anti-money laundering (AML) and counter-terrorism financing (CTF) requirements. The violations concerned money laundering and terrorism financing risk assessments, due diligence, ongoing transaction and activity monitoring, and arrangements for managing AML and CTF compliance. The penalty was imposed under the Anti-Money Laundering Law and the Law on Combating Terrorism Crimes and its Financing.
2026-08-16Saudi Arabia Insurance Authority
Saudi Arabia Insurance Authority fines insurance company SAR 910,000 for AML and CTF violations
The Saudi Arabia Insurance Authority fined an insurance company SAR 910,000 for breaches of AML and CTF requirements. The violations involved risk assessments, due diligence, ongoing monitoring and compliance management arrangements.