Isle of Man Regulator Bans Boldwood Software Owner Over Integrity and Criminal Association Concerns

The Isle of Man Gambling Supervision Commission (GSC) has issued an indefinite prohibition against Phua Cheng Wan, the ultimate beneficial owner of former gambling licensee Boldwood Software Limited, barring him from holding any position within the island’s regulated gambling industry. The decision, announced on July 22nd, comes amid concerns about Phua’s integrity and his alleged connections to international criminal activities, including a major money laundering case in Singapore.

The regulatory action was taken under the authority of the Gambling (Anti-Money Laundering and Countering the Financing of Terrorism) Act 2018 (GAMLA) and is in line with the Isle of Man’s newly published National Risk Appetite Statement (NRAS), which outlines a more rigorous approach to mitigating financial crime risks, especially those linked to Southeast Asia.

Phua’s company, Boldwood Software, had held a gambling licence from November 2022 until May 14th, 2025, when it voluntarily surrendered its licence. The surrender occurred shortly after the GSC issued both an enforcement report and a notification of a formal hearing to consider cancelling the licence. The Commission’s investigation centered on whether Phua satisfied the “fit and proper person” requirement under Section 4(2) of the Online Gambling Regulation Act 2001 (OGRA), which requires that licensees be controlled by individuals of proven integrity.

In the course of the investigation, the Commission reviewed publicly available sources and found what it deemed “sufficient evidence” pointing to Phua’s “association with criminal elements.” While Phua has not been convicted of any crime, the GSC cited “evidence of association with bad actors” as justification for regulatory action. The Commission clarified that this prohibition will remain in effect unless Phua formally petitions for it to be lifted or modified, and successfully demonstrates grounds for such a change.

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edia reports in Singapore in June alleged that Phua was involved in fabricating documents to obtain an employment pass for Wang Deha, a key figure in Singapore’s 2023 multi-billion-dollar money laundering investigation. Acting as a director of Craft Digital, Phua is accused of instructing human resources staff to file false employment claims stating Wang would be hired as a brand manager or business consultant, even though Wang reportedly had no actual intention to take up such a position.

The Commission emphasized that “any controller of an entity regulated by the Commission is required to be a person of integrity at all times,” adding that, “The Commission typically considers a person who lacks integrity not to be a controller and will also consider that person to not be fit and proper to perform any roles or engage in any functions within the regulated gambling sector.” Despite the serious nature of the findings, the regulator acknowledged Phua’s cooperation during the investigation, which it said helped to expedite the resolution of the matter.

The prohibition signals heightened regulatory vigilance concerning gambling entities with Southeast Asian ties. The NRAS, which was issued earlier this year, explicitly addresses geographic risk exposure and has contributed to a stricter enforcement environment. Regulators on the island are becoming increasingly wary of the reputational damage caused by questionable operators, and this has prompted a broader crackdown—even affecting legitimate firms—through the application of rigorous integrity standards.

The GSC stated firmly, “In seeking to fulfil its regulatory objectives, and in seeking to protect the Isle of Man’s reputation, the Commission will not hesitate to act robustly and in line with the Isle of Man’s risk appetite.” The ban on Phua highlights the regulator’s commitment to preserving the credibility of the jurisdiction’s online gambling sector by ensuring that all industry participants meet high standards of personal and professional conduct.

By fLEXI tEAM