The UK operations of Bangladesh's biggest bank, Sonali Bank, have been banned from accepting deposits from any new customers for 24 weeks.
The Financial Conduct Authority (FCA) said the bank had failed to put anti-money laundering controls in place.
The bank has been fined £3.3m (approximately $4.01 US Dollar) and its top anti-money laundering official, Steven Smith, has been banned from any similar job in banking.
But its main business, remitting cash to people in Bangladesh, is unaffected.
Sonali Bank currently has three UK branches - in London, Birmingham and Bradford - which are aimed at serving the expatriate Bangladeshi community.
It is 51% owned by the Bangladesh government.
An FCA investigation found that the bank's failure to operate proper controls against potential money laundering had taken place despite previous warnings from the regulator as long ago as 2010.
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