DFSA fines immigration firm Hayman-Woodward Dh1.67m for unlicensed services

The Dubai Financial Services Authority (DFSA) has imposed a Dh1.67 million fine on Hayman-Woodward Global Mobility Services' Dubai unit for providing unauthorized services over a six-year period. The company, registered in the Dubai International Financial Centre (DIFC), was found to have offered client services without proper registration as a designated non-financial business or profession (DNFBP).

The DFSA discovered that Hayman-Woodward DIFC acted as a formation agent for legal entities and provided various administrative services to 71 clients between August 2018 and February 2025. The penalty includes the fine and a disgorgement of any profits gained from unlawful activities. The fine was reduced by 30% following the company's agreement to settle the case.

DFSA's managing director for enforcement, Alan Linning, emphasized the importance of the DNFBP regime in preventing money laundering and other financial crimes within the DIFC. The UAE has been proactive in enforcing regulations to maintain the integrity and reliability of its financial system.