DFSA Fines Financial Centre Firm AED 1.67 Million
The Dubai Financial Services Authority has fined Hayman-Woodward, operating in the Dubai International Financial Centre, AED 1.67 million for providing unlicensed services.
The Dubai Financial Services Authority fined Hayman-Woodward Global Mobility Services, operating in the Dubai International Financial Centre, $454,367.05, equivalent to AED 1,668,662.99, according to Al Khaleej newspaper.
The fine was reduced by 30% following a settlement, after it was found that the company breached the prohibition on carrying out Designated Non-Financial Businesses and Professions (DNFBP) activities set out in Article 71A(1) of the Regulatory Law 2004.
The Authority explained that the company acted as a corporate service provider and offered registered office addresses to 71 clients between August 2018 and February 2025 without being registered in the DNFBP register.
The Authority emphasized that it has zero tolerance for any breach of the anti-money laundering framework, at a time when Gulf financial centers are tightening compliance with regulatory requirements to attract international investors.
What do these terms mean?
Designated Non-Financial Businesses and Professions (DNFBP): Activities such as company formation services, accounting, and real estate brokerage, on which regulators impose anti-money laundering obligations.
Incorporation Agent: A company that assists in registering and establishing new businesses with official authorities.
Money Laundering: Concealing the origin of illicit funds by passing them through seemingly legal activities or entities.
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