COPENHAGEN, Denmark (AP) — Denmark's Financial Supervisory Authority says there "have been serious shortcomings" in controlling Danske Bank' activities within its Estonian branch.

The authority's head, Jesper Berg, says Danske Bank "responded too late to information" about lacking money laundering measures "and suspicions of customer crime."

In February, Denmark's Berlingske daily said a leaked internal Danske Bank report indicated that the management knew "of far more serious conditions than previously stated," and that family members of Russian President Vladimir Putin and Russia's spy agency were using its Estonian branch for money laundering.

Danske Bank's chief executive, Thomas F. Borgen, said Thursday "we should have reacted faster and more forcefully."

Last week, Danske Bank said it would scale down its business in the Baltic countries, shortly after Estonia's Financial Services Authorities voiced similar criticism.