Bank of China Settles Money Laundering Case for $4 Million (1)

Bank of China Ltd. agreed to pay 3.9 million euros ($4.2 million) to settle a French probe into allegations it turned a blind eye as customers moved millions to their Asian accounts without paying European taxes.

The lender will pay a 3 million-euro fine and 900,000 euros in damages to French tax authorities to put the criminal allegations behind it, Paris prosecutor Remi Heitz said. The case will continue against 28 business owners and intermediaries involved in transferring the funds to China, Heitz said Tuesday in a statement.

The Beijing-based bank had been charged with aggravated money laundering over the...