Dubai – 16 October 2026
The Dubai Financial Services Authority (DFSA) has imposed a financial penalty of US$454,367.05 (AED 1.67 million) on Hayman Woodward Global Mobility Services (DIFC) Ltd for providing company service provider services without the required registration in or from the Dubai International Financial Centre (DIFC).
The penalty comprises a fine and a disgorgement component. The company agreed to settle the matter, resulting in a 30% reduction in the fine component. The total penalty was consequently reduced from US$522,047.05 (AED 1.92 million) to US$454,367.05.
According to the DFSA, the company breached Article 71A(1) of the Regulatory Law 2004, which prohibits designated non-financial businesses and professions (DNFBPs) from conducting relevant activities in or from DIFC without the required registration.
The regulator found that the company provided services including acting as a formation agent for legal entities and supplying registered office, business, correspondence and administrative addresses to companies and other legal persons.
Between August 2018 and February 2025, Hayman Woodward Global Mobility Services (DIFC) Ltd provided company service provider services to 71 clients. It also entered into agreements with three free zones outside DIFC to facilitate company formation and related services.
The company is incorporated in DIFC, where its listed activities include management consultancy and document-clearing services. The DFSA stated that the firm had never been authorised by the regulator or registered as a DNFBP.
Alan Linning, the DFSA’s Managing Director of Enforcement, said DNFBP registration plays an important role in the regulator’s efforts to mitigate money laundering and other financial crime risks. He added that the DFSA would continue taking enforcement action against breaches that undermine its anti-money laundering framework.
The decision highlights the registration requirements that apply to certain businesses providing company formation and corporate administrative services in or from DIFC.
