The Japanese market regulator has directed Citibank Japan to suspend all its retail banking operations in the country for a one month. The Financial Services Agency (FSA) in a statement on Friday said the move has been initiated against Citibank Japan, as the company did not take enough measures to prevent “suspicious transactions” including money laundering.

Citibank Japan is part of American financial services major Citigroup. The authority has suspended all Citibank’s sales operations, including ads, sales campaigns and publicity, that are “pertaining to all products that are handled by Retail Banking Division”.

The suspension would be effective from July 15 to August 14. According to the statement, the entity has not yet developed control systems necessary for the detection and monitoring of suspicious transactions including money laundering.

Meanwhile, Citibank Japan has apologised to customers for the events that led to the administrative action from the Financial Services Agency.