UBS pays more than 10 million euros to settle Italy money-laundering probe

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October 18 2019

An Italian judge has accepted a request by UBS (UBSG.S) to pay more than 10 million euros ($11 million) to settle a money-laundering investigation, ending one of the Swiss bank’s biggest legal headaches in Europe.

“We are pleased to have resolved this matter,” a UBS spokesperson said in an email to Reuters on Thursday. UBS has been grappling with two separate probes in Italy and a court case in France over allegations it enabled cross-border tax cheats to hide assets in Switzerland.