Chequepoint stripped of its operating license


The Czech central bank has stripped the company Chequepoint of its licence to operate exchange offices, the ctk news agency reported.

The bank said the decision was made on the grounds of repeated violations of the law, such as failing to inform clients in advance about their rights and details of the transaction.

The company reportedly also failed to comply with regulations introduced to combat money-laundering. In addition to having its licence taken away, Chequepoint was fined 1.2 million crowns. The company had been fined on previous occasions and failed to take any corrective measures.