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Spanish bank and subsidiary hit with $27M penalty

New York, NY
12/21/2016
Fine Amount: 
$27 million
Penalty Type: 
Issued by: 

The Board of Governors of the Federal Reserve System has announced it has assessed a $27 million civil money penalty against Banco Bilbao Vizcaya Argentaria, S.A., Bilbao, Spain (BBVA), and its subsidiary, BBVA Securities, Inc., New York, New York (BSI), for exceeding limits on BSI's securities underwriting and dealing activities previously imposed by the Board. BBVA improperly classified certain types of revenues in calculating its compliance with the limits. As a result, BBVA exceeded the conditions imposed by the Board on its activities and filed inaccurate reports with the Board.

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