DFSA Fines Hayman-Woodward Dh1.67 Million for Operating Unlicensed Corporate Services

The Dubai Financial Services Authority (DFSA) has imposed a financial penalty of $454,367 (Dh1.67 million) on Hayman-Woodward Global Mobility Services (DIFC) Ltd for providing unauthorised services in or from the Dubai International Financial Centre over more than six years. The regulator announced the decision in a statement issued on October 15, 2026.

According to the DFSA, the firm breached regulations governing Designated Non-Financial Businesses or Professions (DNFBPs). While incorporated in the DIFC with permissions restricted to management consultancies and document clearing, HWW DIFC acted as a company formation agent and provided registered addresses to 71 clients between August 2018 and February 2025 without holding DNFBP registration.

The regulator also determined that HWW DIFC entered into agreements with three free zones outside the DIFC to facilitate company incorporations and customer service provider transactions without regulatory authorisation. The final penalty comprises a fine and disgorgement of profits, reduced by 30 percent from an initial $522,047.05 following a settlement agreement.

Alan Linning, managing director for enforcement at the DFSA, stated that the DNFBP regime is a vital mechanism for mitigating money laundering and financial crime risks in the centre. The enforcement action reflects ongoing compliance oversight across UAE financial jurisdictions, where regulators including the DFSA, Abu Dhabi Global Market, and the UAE Central Bank continue to monitor unlicensed business operations.