Swedbank on Saturday announced the appointment of former Handelsbanken Chief Financial Officer Rolf Marquardt as its new chief risk officer.

The announcement comes as the conclusion of an investigation into Swedbank’s oft-reported shortcomings from 2007 to March 2019 nears. Clifford Chance, the law firm retained by Swedbank’s board to conduct the probe, is expected to reveal its findings at a press conference March 23.

Among areas Clifford Chance reviewed: how the bank handled internal and external disclosures in addition to its response to identified anti-money laundering and sanctions controls shortcomings. The investigation already resulted in $4.8 million worth of transactions that might be subject to U.S. sanctions being reported to the Treasury Department’s Office of Foreign Assets Control.

Swedbank said in a September 2019 press release: “The bank’s anti-money laundering work has had, and still has, certain shortcomings. In the past, the bank has not allocated sufficient resources and competence to adequately manage the risk of money laundering by clients and third parties. The division of responsibilities within the bank has not been clear enough, and the bank has not always complied with internal policies. Know Your Customer and risk assessment are areas where Swedbank has had, and still has, shortcomings. This applies both to the Swedish and Estonian operations.”

Marquardt brings experience in the areas of compliance and risk from his time at Handelsbanken, where he held the title of chief risk officer for six years. “I look forward to working with Rolf Marquardt who, with his solid banking experience and his deep knowledge of risk-related issues, will be a contribute[r] to Swedbank and our executive management,” said Swedbank President and CEO Jens Henriksson in the announcement.

Marquardt will report directly to Henriksson and be part of Swedbank’s Group Executive Committee. Marquardt will assume his role by Oct. 1, 2020.