15 Hrs
Source:
الراي
Insurance rules mandate risk updates
The Deputy Chairman of the Insurance Regulation Unit, Abdullah Al-Fahd, issued a circular requiring insurance companies and regulated entities under the unit's supervision to update their risk assessments based on reports published within the National Risk Assessment. The goal is to strengthen the fight against money laundering, terrorist financing, and the proliferation of weapons of mass destruction. The circular emphasizes the importance of reviewing internal policies and procedures in accordance with these reports, which cover topics such as terrorist financing, money laundering, and virtual assets, in order to enhance compliance effectiveness and ensure the insurance sector's readiness to address financial risks.
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