December 14, 2016 / 2:22 PM / 8 months ago

UPDATE 1-Italian judge approves Credit Suisse tax settlement deal

(Adds confirmation from Credit Suisse)

MILAN, Dec 14 (Reuters) - An Italian judge approved a settlement between Credit Suisse AG and the country's authorities on Wednesday under which the Swiss bank will pay 109.5 million euros ($116.5 million) to end a tax investigation.

Milan prosecutors have been investigating since 2014 an alleged fraudulent system 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.

Both Credit Suisse and judicial sources confirmed the settlement.

"This marks the end of the investigation by Italian authorities into Credit Suisse AG's Italian cross-border business for the period from 2008 to 2015," Credit Suisse said in a statement.

While the agreement closes the position of the Swiss bank in the case, the Italian clients that allegedly benefitted from the system remain under investigation.

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. The bank also agreed to pay 8.5 million euros for "administrative infringements in its previous cross-border business".

$1 = 0.9403 euros Reporting by Emilio Parodi and Oliver Hirt; writing by Francesca Landini and Brenna Hughes Neghaiwi; editing by David Clarke

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