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 its Executive Regulations, and the Beneficiary Rules. It also reaffirmed its regulatory, supervisory, and oversight responsibilities over the insurance sector.
The Authority noted that the Ministry of Commerce has launched a service enabling disclosed beneficial ownership data of companies to be accessed through the Wathiq platform. The service provides updated and approved information, allowing financial institutions to conduct customer due diligence procedures, including verifying the identity of the beneficial owner with authorized personnel through the Wathiq service, in compliance with all applicable regulatory requirements.
The circular further requires that the Ministry of Commerce be notified through the platform if an undisclosed beneficial owner is identified or if any discrepancies are found in the disclosed information during due diligence procedures. Such notifications must be made without prejudice to the obligations for reporting suspicious transactions or the provisions of the Personal Data Protection Law.
The Authority also highlighted a service provided by the National Center for Development of the Non-Profit Sector, which enables companies to identify beneficial owners through its website and report any discrepancies to the Center in accordance with the relevant circular.
Source: Saudi Gazette