The Insurance Authority has adopted new beneficial ownership guidelines and given insurance companies 30 days to comply with the requirements.
In a circular, the Authority said insurers must identify and verify beneficial owners in line with anti-money laundering, counter-terrorism financing and beneficiary ownership regulations. It noted that beneficial ownership data can now be accessed through the Ministry of Commerce's Wathiq platform for customer due diligence.
Insurers must also report any undisclosed beneficial owners or discrepancies found during verification through the platform, while continuing to meet suspicious transaction reporting and personal data protection requirements. The Authority also highlighted a service from the National Center for Development of the Non-Profit Sector that helps companies identify and report beneficial ownership information.
