The Chinese bank is considering several choices, including the option of a pre-trial settlement, surrounding allegations that money was laundered via its branch in Milan.

Bank of China is mulling a number of options to deal with claims that billions of euros were laundered through its branch in Milan, according to Reuters.

A spokesperson for BOC told the news service that it is considering the option of settling the case before it goes to trial. 

In the so-called "River of Money" investigation, Florence prosecutors allege that more than €4.5 billion ($5.09 billion) was smuggled to China from Italy between 2006 and 2010 by Chinese individuals living mainly in the Tuscan cities of Florence and Prato.

Some €2.2 billion was sent via BOC, prosecutors say in a court document seen by the news service, which also says China's fourth-biggest bank received more than €758,000 in commissions on the transfers.

A BOC spokesperson in Italy is quoted saying: "Since it is an initial phase of the trial process in which several judicial alternatives can be chosen, Bank of China is considering all its options."

BOC has denied any wrongdoing, and according to Italian law the lender could settle the case without formally admitting it had committed a crime.