DFSA Slaps Dh1.67 Million Fine on Hayman-Woodward for Unlicensed Immigration Services in Dubai

The Dubai Financial Services Authority (DFSA) has imposed a significant fine of $454,367 (Dh1.67 million) on the Dubai unit of Hayman-Woodward Global Mobility Services (HWW DIFC). The penalty stems from the firm providing unauthorized services for over six years. According to the DFSA's statement on Thursday, HWW DIFC operated within the Dubai International Financial Centre (DIFC) without the necessary registration as a designated non-financial business or profession (DNFBP).

Although incorporated within the DIFC, the company's business activities were limited to management consultancies and document clearing services. The DFSA investigation revealed that HWW DIFC violated DNFBP regulations by acting as a formation agent for legal persons and providing registered office, business address, correspondence, and administrative addresses for various companies and legal entities. These unauthorized services were reportedly offered to 71 clients between August 2018 and February 2025. Furthermore, HWW DIFC had agreements with three free zones outside the DIFC to facilitate company formations and other customer service provider transactions.

The total penalty includes both the fine and a disgorgement of profits derived from unlawful activities. The initial fine amount of $522,047.05 was reduced by 30 percent following Hayman-Woodward's agreement to settle the case.

Alan Linning, managing director for enforcement at the DFSA, emphasized the importance of the DNFBP regime in combating money laundering and financial crime within the DIFC. He stated, "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."

This action aligns with broader efforts by UAE authorities to uphold the integrity of the Emirati financial system by cracking down on regulatory breaches. Recent enforcement actions include a Dh401,000 fine by the DFSA on Vault Wealth for unauthorized transactions and $100,000 in fines imposed by the Registration Authority of Abu Dhabi's ADGM on PKF Accountants and Business Advisers for regulatory failings. The UAE Central Bank has also penalized lenders for violating rules, particularly concerning anti-money laundering.

The DFSA reiterated its commitment to maintaining world-class financial services regulation within the DIFC and assured that it will continue to take necessary enforcement actions to safeguard users of financial services and preserve confidence in the regulatory framework.