Credit Suisse Group is under investigation in Italy

Credit Suisse Group is under investigation in Italy in connection with a case on accusations that the bank helped wealthy clients transfer funds undeclared Wednesday Italian judicial sources said.

Credit Suisse offices in Milan were searched by the Italian police in December as part of an investigation by Milan prosecutors.

The investigation concerns alleged fraudulent system used to transfer up to 14 million euros ($ 15.33 million) to accounts abroad, mainly through the use of insurance policies, according to the same judicial sources.

Credit Suisse said in a statement Wednesday that his business is "focused systematically on goods declared and have clear internal rules and procedures to ensure that we conduct our business in accordance with applicable laws in Italy."

"In connection with the outreach program [voluntary tax] approved by the Italian government in December 2014, Credit Suisse immediately asked its customers to provide evidence that they are compatible with taxes. This process is almost finished, "he said.

The investigation by prosecutors in Milan, which began in 2014, had focused on bank officials, consultants and hundreds of wealthy Italian clients and not the bank itself. However, under Italian law, a company can be held liable if one considers that failed to prevent or try to prevent a crime committed by an employee who benefited the company.

Italian financial police are in the process of verifying the position of about 13,000 clients of Credit Suisse, although not everyone will be placed under investigation, judicial sources said. It is expected that the probe is wrapped in the coming months, they said