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CNB > Media service > Press releases of the CNB > 2018 > CNB withdraws bureau-de-change authorisation from Chequepoint

CNB withdraws bureau-de-change authorisation from Chequepoint

11 Jun 2018

The Czech National Bank has decided to withdraw the authorisation of Chequepoint to carry on bureau-de-change activities. The CNB has taken this step because of repeated violation of legal duties relating to the carrying on of bureau-de-change activities.

The latest inspection conducted by the CNB revealed, among other things, that the bureau de change had not duly provided pre-contract information and information about the exchange in a significant sample of control exchanges. This had greatly limited clients’ ability to complain about bureau-de-change transactions directly on the premises of the bureau-de-change concerned or to the CNB, or to a court or the Financial Arbitrator.

In addition to withdrawing authorisation, the CNB imposed a fine of CZK 1,200,000 on Chequepoint for violation of the Act on Bureau-de-change Activity, the Payment System Act and the Act on Certain Measures against Money Laundering and Terrorist Financing.

The repeated penalties imposed by the CNB on Chequepoint in the past for shortcomings detected in the carrying on of bureau-de-change activities (CZK 100,000 in 2012 and CZK 1,000,000 in 2015) had clearly not led to sufficient remedy. Chequepoint’s bureau-de-change activities were therefore terminated ex officioas of 11 June 2018.

The CNB will soon publish the full text of the ruling issued by the first-instance administrative authority and the decision on the appeal in the Supervision, regulation > Conduct of supervision > Final administrative decisions section of its website.

Marek Zeman
Director, CNB Communications Division