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Report: UBS settles long-running money laundering probe in Italy

UBS Group AG agreed to a €2.1 million penalty with an Italian court to settle a long-running investigation into the bank over alleged money laundering in the country, Reuters reported.

An Italian judge accepted the payment following a settlement request by the Swiss lender in July, and also confiscated about €8.2 million in alleged profit from money laundering, according to two sources with direct knowledge of the matter.

The settlement is not an admission of guilt under Italian law, the newswire noted.

In June, UBS agreed to pay €101 million to settle a tax evasion case in Italy, where prosecutors claimed that the bank's managers were responsible for laundering money as they invested client funds built on tax evasion. In February, the group was fined a record total €4.5 billion after a French court ruled that it was guilty of aiding and abetting tax fraud.