The United Kingdom’s financial regulator said it had fined HSBC $85.2 million for failing its anti-money laundering procedures. The Financial Conduct Authority (FCA) said that it had found that three critical parts of HSBC’s transaction monitoring systems showed serious weaknesses over eight years, from March 31, 2010, to March 31, 2018.

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The FCA also announced that “HSBC had done a lot of failings like insufficient monitoring of money laundering, terrorist financing, and poor-risk review of new scenarios after 2016.” Mark Steward, executive director at the FCA, also said, “These failings are not acceptable and said the bank to avoid risks, particularly that took the remediation such a long time.”