UBS has begun its appeal against a record €4.5 billion penalty.

According to Reuters, the fine was levied by a French court for allegedly helping wealthy clients hide undeclared assets offshore.

In 2019, UBS was found guilty in France of soliciting clients illegally and laundering the proceeds of tax evasion, imposing a €3.7 billion fine and €800 million in civil damages after an investigation that began in 2011.

The bank has denied any wrongdoing.

So far, it has set aside 10 percent of the total fine (€450 million) to cover the penalties.

It has said any fine should be based on the...