Saudi Arabia: corporate life-insurance onboarding

Saudi insurers are supervised by the Insurance Authority. Article 7 of the AML Implementing Regulation supplies shared CDD requirements. Obtain the policyholder's commercial-registration evidence, constitution, business details and ownership structure.

Company and purchase mandate

Identify and take reasonable measures to verify beneficial owners under the 25%-or-more ownership test and subsequent control and fallback provisions. Verify the representative and authority to purchase and amend the policy.

Record the insured person, premium payer and purpose of the cover. Request the assignment and financing agreement where a lender is entitled to benefits, and evidence explaining premiums paid by another party.

Beneficiary timing

Article 7/4 requires a named beneficiary's name at designation. For a class or description, obtain enough detail to identify the beneficiary before payout. Verify identity before payout or exercise of policy rights.

For a higher-risk corporate beneficiary, Article 7/5 requires identification and verification of its beneficial owner at payout. Apply relevant enhanced and PEP measures alongside the policyholder review.

Review assignments, early surrender and changed recipient instructions before processing them. If required CDD cannot be completed, apply Article 7/8's restrictions and consider suspicious-transaction reporting.