Swiss banking giant Credit Suisse has agreed to pay €109.5m to settle allegations by Italian authorities that it helped clients transfer undeclared funds to offshore bank accounts.
The authorities alleged Credit Suisse of helping nearly 13,000 clients transfer up to €14bn to offshore accounts, mainly through using insurance policies.
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The bank had been under probe for the alleged fraud since 2014, though the settlement does not imply an admission of guilt by the bank.
The lender will pay €101m in taxes, late payment interest and penalties in addition to €8.5m for administrative violations as part of the settlement.
Earlier this month, the banking group agreed to pay $90m to the Securities and Exchange Commission (SEC) to settle allegations that it misrepresented how it determined a key performance metric of its wealth management unit.
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By GlobalData
