WASHINGTON - The Federal Reserve Board issued an enforcement action Friday against Madrid-based Banco Bilbao Vizcaya Argentaria SA and its U.S. offices in New York and Miami.

Under the order, the Spanish bank must strengthen its anti-money-laundering practices and institute procedures to determine the identity and business activities of its customers.

Within two weeks, the bank is required to designate a senior officer who will have unrestricted access to all information possessed by the U.S. offices. Bank officials are required to develop new policies for disclosing risks associated with selling nondeposit investment products, identifying acceptable types of clients, and creating a system of periodic client suitability reviews.

The U.S. offices are also required to adopt a more effective system of collateral reporting and control to avoid the unauthorized sale of loan collateral.

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