Avon Products Inc. will pay $135 million to settle a long-standing federal probe into whether the cosmetics company paid bribes in China and other countries to gain favors.

Avon, the world’s largest direct seller of cosmetics, said it would pay about $68 million to the Justice Department and $67 million to resolve the dispute with the Securities and Exchange Commission. The preliminary resolution needs SEC authorization and court approval, according to documents filed with the regulatory agency Thursday.

As part of the pact, the Justice Department would defer criminal prosecution in connection with the alleged violations of the Foreign Corrupt Practices Act for three years. The charges would be dismissed if Avon is compliant with the agreement.

The company agreed to a compliance monitor for 18 months and will monitor itself for the following 18 months. But an Avon China subsidiary would plead guilty to FCPA violations.

The Justice Department could not be reached immediately. The SEC declined to comment.

The bribery probe, which the company began in 2008, has cast a black eye on Avon. It has struggled with steady share declines, and several executives have lost their jobs. Andrea Jung, who was CEO of the beauty products company from 1999 through April 2012 and served as chairman through the end of that year, came under fire for failing to stem Avon’s sales declines and left amid the overseas bribery investigation. She was replaced by Sheri McCoy, who has been cutting costs, leaving unprofitable markets and streamlining operations.