Danish Business Minister Rasmus Jarlov said there is no suggestion of criminal behavior at the Danish Financial Supervisory Authority in relation to the money laundering scandal at Danske Bank A/S, Bloomberg News reported Oct. 11.

The watchdog made "plenty of mistakes" in its supervision of the lender but no individual can be directly blamed for it, the minister said.

"There's nothing indicating that anything criminal happened at the FSA or any other significant failures that would require us to place a responsibility with the FSA," Jarlov said. "I also sense that we have a supervisor that wants to learn from this event, and that's what we should focus on."

Additionally, he sees no reason to pursue litigation against former employees of the regulator, he said.

Danske is facing multiple investigations over suspicious transactions that went through its Estonia branch; analysts estimate the bank may face fines of up to $9 billion.

Meanwhile, the European Banking Authority is probing the Danish FSA over its supervision of the lender over the period that the money laundering took place. The regulator is complying with the EBA's investigation.