Dubai, United Arab Emirates, October 2026: The Dubai Financial Services Authority (DFSA), the independent banking, financial services, and markets regulator of Dubai International Financial Centre (DIFC), has imposed a financial penalty of USD 454,367.05 (AED 1,668,662.99) on HAYMAN-WOODWARD GLOBAL MOBILITY SERVICES (DIFC) LTD. (HWW DIFC) for carrying on company service provider services (CSP services) in or from the DIFC without being registered as a Designated Non-Financial Business or Profession (DNFBP).
The financial penalty comprises both a fine and disgorgement components. HWW DIFC agreed to settle the matter. The DFSA therefore reduced the fine component by 30% such that the total financial penalty was reduced from USD 522,047.05 (AED 1,917,217.79) to USD 454,367.05 (AED 1,668,662.99).
HWW DIFC is incorporated in DIFC, and its activities are listed as Management Consultancies and Documents Clearing Services. However, HWW DIFC has never been authorised by the DFSA or registered as a DNFBP.
The DFSA found that HWW DIFC breached the DNFBP Prohibition in Article 71A(1) of the Regulatory Law 2004 by providing the following CSP services in or from DIFC without the required DNFBP registration with the DFSA:
- Acting as a formation agent of legal persons; and
- Providing a registered office, business address, correspondence, and administrative address for companies and legal persons.
Between August 2018 and February 2025, HWW DIFC provided, amongst other services, CSP services to 71 clients. It also signed agreements with three free zones outside DIFC to facilitate company setup and other CSP services. Article 71A(1) states that a DNFBP is prohibited from carrying on any activities in or from DIFC, unless it is registered with the DFSA.
Alan Linning, Managing Director, Enforcement, of the DFSA, commented: “The DNFBP regime is a key component of the DFSA’s framework for mitigating money laundering and other financial crime risks within the DIFC. 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.
Registration as a DNFBP enables the DFSA to monitor these activities and ensure that appropriate safeguards are in place. When a firm operates without the required registration, it undermines that regulatory framework and impairs the DFSA’s ability to supervise and mitigate those risks effectively. The DFSA has zero tolerance for breaches that compromise the integrity of its anti-money laundering regime and will take appropriate enforcement action to uphold those important protections.”
The DFSA remains committed to developing, administering, and enforcing world-class regulation of financial services within the DIFC. The DFSA 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.
A copy of the Decision Notice setting out full details of this matter can be found in the Decision Notices section of the DFSA website.
