The Dubai Financial Services Authority (DFSA) has fined the Dubai unit of Hayman-Woodward Global Mobility Services (HWW DIFC) $454,367 (Dh1.67 million) for providing unauthorised services for more than six years.
HWW DIFC was found to have carried out client services in or from Dubai International Financial Centre without being registered as a designated non-financial business or profession (DNFBP), DFSA said in a statement on Thursday.
The company is incorporated in the DIFC, but its business activities are only permitted for management consultancies and document clearing services.
The DFSA found that HWW DIFC breached DNFBP regulations, specifically by acting as a formation agent of legal persons, and providing a registered office, business address, correspondence and administrative address for companies and legal persons.
The unauthorised services were provided to 71 clients between August 2018 and February 2025. HWW DIFC also signed agreements with three free zones outside the DIFC to assist in company set-ups and other customer service provider transactions.
The penalty comprises the fine and a disgorgement, or the surrender of any profits obtained from unlawful acts. The fine, however, was reduced by 30 per cent, from $522,047.05, after Hayman-Woodward agreed to settle the case.
“The DNFBP regime is a key component of the DFSA's framework for mitigating money laundering and other financial crime risks within the DIFC,” said Alan Linning, managing director for enforcement at the DFSA.
“Businesses that provide company service provider and other DNFBP services can present elevated financial crime risks and are therefore subject to appropriate regulatory oversight and supervision.”
Authorities in the UAE have been vigilant in cracking down on entities that breach regulations as part of efforts to maintain the Emirati financial system's integrity and reliability.
Earlier this month, the DFSA imposed a Dh401,000 fine on wealth management services firm Vault Wealth for conducting transactions without authorisation.
Last week, the Registration Authority of Abu Dhabi's ADGM imposed fines totalling $100,000 against PKF Accountants and Business Advisers over regulatory failings.
The UAE Central Bank has also imposed fines on lenders that have violated rules, especially those on anti-money laundering.
“The DFSA remains committed to developing, administering and enforcing world-class regulation of financial services within the DIFC,” the authority said.
It added it will continue to take “appropriate enforcement action to protect users and prospective users of financial services and to preserve confidence in the DIFC’s regulatory framework”.