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.
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.