The bank has reportedly reached a settlement with Italian authorities to draw a line under a money laundering probe, a report said.

UBS has reportedly reached a provisional deal with Italian prosecutors to pay €3 million ($3.3 million) to settle a money-laundering investigation.

The report, which appeared in Reuters, cited unnamed sources. The newswire said that no charges have been laid against the Zurich-listed bank in the probe, which started in late 2017.

Switzerland's largest bank declined to comment when contacted by WealthBriefing yesterday.

Last month, UBS settled its other Italian case, a related financial investigation, with tax authorities for €101 million. Reuters added that the settlement would apply only to potential charges against the bank’s parent group, UBS and two subsidiaries, UBS Switzerland and UBS Monaco.