Saudi Arabia’s Insurance Authority steps up AML/CFT enforcement in the country’s insurance sector, issuing three June fines totalling SAR 1.607 million for risk assessment, due diligence and compliance control failures

The three actions, all dated 4 June 2026, impose fines of SAR 807,000, SAR 500,000 and SAR 300,000 on insurance companies for breaches involving ML/TF risk assessments, customer due diligence and AML/CFT compliance management. The cluster signals the Authority’s continued focus on raising insurance-sector standards in line with Saudi AML, counter-terrorist financing and proliferation financing requirements.