Danske Bank on Tuesday announced the appointment of Magnus Agustsson as its new chief risk officer.

Agustsson will become part of Danske’s executive leadership team when he joins by Dec. 1, the bank stated in a press release. Until then, George Anagnostopoulos will continue as the bank’s interim head of group risk management.

Agustsson is set to join Danske Bank from Swedish financial institution Skandinaviska Enskilda Banken (SEB), where he most recently served as chief risk officer. Prior to SEB, he held similar positions with companies in the financial sector in Germany and Finland.

In recent weeks, Danske Bank has reshuffled its executive team in response to being swept into a Dutch money laundering probe connected to ABN AMRO. Carsten Egeriis, who served as Danske Bank’s previous chief risk officer for the past four years, was appointed chief executive officer on April 19 following the resignation of former CEO Chris Vogelzang.

The changes relate to ABN AMRO’s €480 million (U.S. $575 million) settlement in the Netherlands to resolve money laundering charges. Vogelzang announced he was stepping down as Danske’s CEO after he revealed Dutch authorities identified him as “a suspect in connection with their investigations of potential violations of Dutch legislation relating to the prevention of money laundering at ABN AMRO.”

Vogelzang was a member of the managing board at ABN AMRO from 2009-16. He took over as top executive at Danske Bank, which has had its own high-profile issues with money laundering, in June 2019.

In response to Agustsson’s impending departure, SEB named Mats Holmström, currently head of corporate banking in the Large Corporates & Financial Institutions division, as its new chief risk officer. Holmström, who has been with SEB since 1990, will become a member of the bank’s group executive committee.