A man described as the "ultimate beneficial owner" of a gambling operator that used to hold a license from the Isle of Man before surrendering it earlier this year was recently prohibited from holding any role within the gambling sector of the island.
The jurisdiction's gambling regulator takes action against Phua Cheng Wan
The case involves Phua Cheng Wan, the ultimate beneficial owner of the former Isle of Man licensee, Boldwood Software Limited.
On November 21, 2022, Boldwood successfully obtained a license from the jurisdiction's gambling regulator, the Isle of Man Gambling Supervision Commission.
However, an investigation and public reports that alleged Wan was tied to "bad actors" and crimes such as money laundering, resulted in the Commission serving Boldwood a Notice and an Enforcement Report.
Consequently, on May 14, 2025, the company surrendered its license.
Considering the allegations against Wan, the gambling watchdog recently confirmed it has taken the decision to restrict his engagement with the regulated gambling sector on the island.
On Tuesday, the Isle of Man Gambling Supervision Commission issued a statement, confirming its actions.
"Accordingly, the Commission finds it appropriate to prohibit him from performing any role or functions within the regulated gambling sector in the Isle of Man. The prohibition will remain in place indefinitely until such time as Mr. Phua successfully applies to the Commission to have it varied or revoked," reads the gambling watchdog's announcement.
Gambling executives need to uphold their integrity at all times, says the regulator
In light of the allegations against Wan, the Commission launched an investigation that sought to determine his integrity and whether or not he was "a fit and proper person" in the context of his ownership of Boldwood.
Per the Isle of Man's existing regulations, the Online Gambling Regulation Act 2001 (OGRA), licenses can be under the control of "person or persons of integrity."
Focusing on the probe into Boldwood's owner, the Commission explained further: "The investigation undertaken by the Commission identified a range of open-source materials that suggested Mr. Phua was associated with 'bad actors'."
The existing Guidelines on Integrity set out by the Commission acknowledge that it may reconsider a person's integrity in cases where there is "evidence of association with criminal elements."
Still, the gambling watchdog reiterated that while there is evidence alleging Wan had ties with "criminal elements," the executive hasn't been convicted of an offense.
The Isle of Man Gambling Supervision Commission acknowledged that the owners or controllers of operators regulated by it need to uphold their integrity at all times.
Finally, the Commission reaffirmed its dedication to prohibit anyone who doesn't uphold their integrity from engaging in any roles within the regulated gambling sector on the island.
