Isle of Man bans ex-licensee linked to Singapore laundering case
The Isle of Man Gambling Supervision Commission (GSC) has imposed a long-term ban on Phua Cheng Wan, prohibiting him from any involvement in the island’s regulated gambling sector. This decision stems from the Commission’s determination that Phua no longer meets its “fit and proper person” standards, which are designed to uphold integrity within the industry.
Reason behind the licence surrender
Boldwood Software Limited was granted a gambling licence in November 2022 under the Online Gambling Regulation Act (OGRA). The company operated under this licence until 14 May 2025, when it voluntarily surrendered it ahead of a scheduled hearing concerning potential revocation. The licence was relinquished shortly after the GSC raised concerns regarding the company’s ownership structure and compliance procedures. This move likely pre-empted a formal cancellation process.
The investigation into Phua Cheng Wan
Phua Cheng Wan was identified as the ultimate beneficial owner of Boldwood Software Limited. He came under scrutiny following his alleged involvement in questionable business dealings and a major money laundering case in Singapore.
The GSC launched an investigation after open-source intelligence (OSINT) raised red flags about Phua’s connections to international criminal networks. Publicly available data and media reports linked him to a high-profile criminal case in Singapore. Under Section 4(2) of the OGRA, licence holders must be controlled by individuals who meet stringent integrity standards. The GSC concluded that Phua failed to meet these requirements.
Singaporean money laundering case
Phua was named in connection with Wang Deha, a central figure in a significant money laundering case in Singapore in 2023. As a director at Craft Digital, employees to falsify employment credentials to secure a work pass for Wang, despite Wang reportedly having no intention of working there.
Although Phua has not been convicted, his association with Wang raised serious concerns. Regulatory bodies often act on such associations when evaluating risks to their jurisdiction’s reputation.
Regulatory powers and legal framework
The Gambling (Anti-Money Laundering and Countering the Financing of Terrorism) Act 2018 empowers the GSC to take regulatory action against individuals or entities that pose a threat to the integrity of the gambling sector, even in the absence of criminal convictions.
The National Risk Appetite Statement (NRAS), published in early 2025, outlines the Isle of Man’s approach to risk management. It identifies Southeast Asia as a region of heightened concern—particularly relevant in this case due to Phua’s alleged connections.
To meet the GSC’s “fit and proper” criteria, individuals must demonstrate integrity, maintain transparent financial records, have no criminal affiliations, and cooperate fully with regulators. As the controller of Boldwood Software Limited, Phua was subject to these standards. The GSC ultimately disqualified him from holding any position within the regulated gambling industry.
GSC’s official statement
The GSC reiterated that all individuals in positions of responsibility must demonstrate integrity. While the Commission acknowledged Phua’s cooperation during the investigation, it clarified that this had no impact on the final decision.
The Commission stated, “Any controller of an entity regulated by the Commission is required always to be a person of integrity. The Commission typically considers a person who lacks integrity not to be a controller and will also consider that person not to be fit and proper to perform any roles or engage in any functions within the regulated gambling sector.”
Broader implications of the ban
This case underscores the GSC’s commitment to managing jurisdictional risk and signals increased scrutiny for operators from Southeast Asia. The Commission’s actions aim to protect the Isle of Man’s reputation from associations with financial crime. Regardless of criminal convictions, the GSC is proactively excluding individuals with questionable backgrounds from the industry. These measures reinforce the Isle of Man’s standing as a credible and well-regulated gambling jurisdiction.
