Regulatory body in Isle of Man bans Phua Cheng Wan from gaming sector
The Isle of Man Gambling Supervision Commission has barred Phua Cheng Wan, the ultimate beneficial owner of Boldwood Software Limited, from participating in the island's regulated gambling industry. This decision, made in July 2025, comes following an investigation into Wan's integrity and allegations of ties to criminal elements and money laundering activities.
The ban is in line with the Isle of Man's Online Gambling Regulation Act 2001 (OGRA), which states that licenses can be under the control of "person or persons of integrity." The Commission has emphasized the importance of gambling executives upholding their integrity at all times, and it reaffirmed its dedication to prohibiting anyone who doesn't meet this standard from engaging in any roles within the sector.
The investigation into Wan was initiated due to open-source materials suggesting his association with 'bad actors.' The Commission's Guidelines on Integrity acknowledge that they may reconsider a person's integrity in cases where there is evidence of such associations. Despite Wan not having been convicted of an offense, the Commission has stated that there is evidence alleging his ties with criminal elements.
Boldwood Software Limited, which held a license from the Commission before surrendering it on May 14, 2025, obtained the license on November 21, 2022. The surrender of the license was due to allegations suggesting ties between Wan and criminal elements, including money laundering.
The Commission's decision to prohibit Wan from engaging in any role or function within the island's regulated gambling vertical remains in effect until he applies to have it varied or revoked. The Commission has made it clear that the owners or controllers of operators regulated by it need to uphold their integrity at all times.
This move by the Isle of Man Gambling Supervision Commission underscores its commitment to maintaining a fair and transparent gambling industry, free from the influence of criminal elements. The Commission issued a statement confirming its actions against Wan on Tuesday, emphasizing the importance of upholding integrity in the gambling sector.
- The decision to bar Phua Cheng Wan from the Isle of Man's regulated gambling industry aligns with the Online Gambling Regulation Act 2001 (OGRA)'s policy that only licenses persons or persons of integrity.
- The Isle of Man Gambling Supervision Commission's Guidelines on Integrity allow for reconsideration of a person's integrity when there is evidence of associations with 'bad actors.'
- Despite lacking a conviction, the Commission has stated it has evidence suggesting ties between Phua Cheng Wan and criminal elements, which led to his prohibition from any role or function in the island's casino-and-gambling vertical.
- Prior to being barred, Phua Cheng Wan's company, Boldwood Software Limited, had obtained a license from the Commission on November 21, 2022, but surrendered it on May 14, 2025, following allegations of his ties to criminal elements, including money laundering.
- The recent move by the Isle of Man Gambling Supervision Commission to uphold casino-personalities' integrity and enforce regulations against criminal elements serves as a sign of their dedication to maintaining a casino-culture that adheres to general-news standards and principles of crime-and-justice.
