UK’s financial regulatory body Financial Conduct Authority (FCA) has imposed a fine on the UK division of India’s Canara Bank for anti-money laundering (AML) failures.

The bank was penalised £896,100 ($1.2m) as well as barred from accepting deposits from new customers for 147 days.

In a statement, FCA said that Canara Bank failed to deploy adequate AML systems and take preventive measures to address their shortcomings between 26 November 2012 and 29 January 2016 despite being notified.

FCA Enforcement and Market Oversight executive director Mark Steward said: “Financial crime and money–laundering failures are areas of focussed priority for us.

“Canara was warned its money laundering controls were inadequate and so its failure to remediate them properly is at the more serious end of the range of sanctions.”

During the investigation, the FCA found that the failures to comply with the AML regulations affected nearly all levels of Canara Bank’s business and governance structure including senior management, governance, money laundering reporting and the installation of AML systems.

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Canara Bank has now resolved the AML shortcomings.

Last month, FCA urged the banks to employ new technologies to tackle cyber crimes, which now amounts to nearly half of all offences Britain.