The Dubai Financial Services Authority (DFSA) has fined Hayman-Woodward Global Mobility Services (DIFC) Ltd. Dh1.67 million ($454,367) for operating without the necessary regulatory approvals. The DIFC-based firm, referred to as HWW DIFC, provided company formation and related services to 71 clients from August 2018 to February 2025 without being registered as a Designated Non-Financial Business or Profession (DNFBP) with the DFSA.

According to the regulator, HWW DIFC acted as a formation agent for legal entities and offered services including registered offices, business addresses, and administrative support, all without the required regulatory authorization. The company also entered into agreements with three free zones outside the Dubai International Financial Centre (DIFC) to facilitate company setup and related services.

While HWW DIFC was incorporated in the DIFC with reported activities of management consultancy and document clearing services, it had never obtained DFSA authorization nor completed registration as a DNFBP. The DFSA’s original penalty, imposed earlier, totalled Dh1.92 million ($522,047). This amount combined a financial penalty and disgorgement of gains linked to the regulatory breach.

Following the company’s agreement to settle the matter, the DFSA reduced the fine component by 30 percent, resulting in the final penalty of Dh1.67 million. The regulator’s action underscores the importance of adherence to licensing and registration requirements for firms operating within the DIFC, particularly those offering corporate services.