Saudi Gazette, 6 August 2026: The Insurance Authority issued a circular adopting beneficial ownership guidelines, granting insurance companies a 30‑day grace period to comply with new requirements.
The circular aligns with the Anti‑Money Laundering Law, Anti‑Terrorism Financing Law, and Beneficiary Rules, reaffirming the Authority’s supervisory role over the insurance sector. Companies must identify beneficial owners, verify data through the Ministry of Commerce’s Wathiq platform, and notify authorities of discrepancies or undisclosed owners.
The Authority highlighted that notifications must be made without prejudice to obligations for reporting suspicious transactions or data protection rules. It also referenced a service by the National Center for Development of the Non‑Profit Sector, enabling companies to identify beneficial owners and report discrepancies via its website.
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