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MILAN, Dec 14 (Reuters) - An Italian judge approved on Wednesday a settlement agreement between Credit Suisse AG and the country's authorities under which the Swiss bank will pay 109.5 million euros to end a tax probe, judicial sources said.
Milan prosecutors had been investigating since 2014 an alleged fraudulent system which was used by the bank to transfer up to 14 billion euros to offshore accounts, mainly through the use of insurance policies. Some 13,000 clients are allegedly involved.
The agreement closes the position of the Swiss bank in the case, leaving under investigation the Italian clients that allegedly benefitted from the system.
In October Credit Suisse said it had agreed to pay Italian authorities 101 million euros in taxes, late payment interest and penalties to settle its tax position. In addition, the bank also agreed to pay 8.5 million euros for "administrative infringements in its previous cross-border business." (Reporting by Emilio Parodi; writing by Francesca Landini)