The Insurance Authority has adopted beneficial ownership guidelines and granted insurance companies a grace period to comply with the new requirements.
The requirements for identifying beneficial owners are in accordance with the Anti-Money Laundering Law, the Anti-Terrorism and Financing of Terrorism Law, the Beneficiary Rules and the relevant implementation regulations, reported Saudi Gazette, citing a circular issued by the Insurance Authority.
The insurance regulator 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 identities of beneficial owners.
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 Centre for Development of the Non-Profit Sector, which enables companies to identify beneficial owners through its website and report any discrepancies to the Centre.