{
  "id": 328993,
  "title": "Insurance Authority instructs companies to adhere to beneficial ownership guidelines within 30 days",
  "url": "https://urgent.news/2026/08/06/insurance-authority-instructs-companies-to-adhere-to-beneficial",
  "topic": "business",
  "section": "Business",
  "published": "2026-08-06T15:00:49.000Z",
  "source": {
    "name": "Saudi Gazette",
    "slug": "saudi-gazette",
    "url": "https://saudigazette.com.sa/article/663534/saudi-arabia/insurance-authority-instructs-companies-to-adhere-to-beneficial-ownership-guidelines-within-30-days"
  },
  "original_language": "en",
  "account": "The Insurance Authority in Riyadh has mandated insurance companies to comply with beneficial ownership guidelines within a 30-day timeframe. A circular issued by the Authority provides detailed instructions on identifying beneficial owners, aligning with the Anti-Money Laundering Law, Anti-Terrorism and Financing of Terrorism Law, and the Beneficiary Rules. The Authority reaffirmed its commitment to regulating, supervising, and overseeing the insurance sector.\n\nTo facilitate compliance, the Ministry of Commerce launched a service on the Wathiq platform, providing disclosed beneficial ownership data for companies. This service ensures the availability of updated and approved information for financial institutions, enabling them to carry out customer due diligence procedures, including verification of beneficial owners' identities through authorized personnel using the Wathiq service. Compliance with regulatory requirements is mandatory.\n\nFurthermore, the circular obliges the Ministry of Commerce to be notified through the Wathiq platform if an undisclosed beneficial owner is identified or if discrepancies are discovered in the disclosed information during due diligence procedures. Such notifications must be made without compromising obligations related to reporting suspicious transactions or the provisions of the Personal Data Protection Law. The National Center for Development of the Non-Profit Sector further contributes to the process by offering a service on its website, enabling companies to identify beneficial owners and report any discrepancies to the Center in compliance with the relevant circular.",
  "summary": "RIYADH — The Insurance Authority has adopted the beneficial ownership guidelines and granted insurance companies a 30-day grace period to comply with the new requirements. In a circular, the Authority outlined the requirements for identifying the beneficial owner in accordance with the Anti-Money Laundering Law and its Executive Regulations, the Anti-Terrorism and Financing of Terrorism Law and…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}