BBVA Due Diligence : Know Your Customer

  • Compliance Model
    • The Board of Directors of BBVA considers that Corporate Integrity -understood as a systematic adherence to strict standards of ethical behavior in the company- constitutes a source of sustained value and it is a fundamental requirement that any organization needs to maintain society's trust.
    • According to this statement, BBVA Group has a ''Code of Conduct'' where the fundamental principles of ethical behavior are defined and the guidelines to conduct businesses and activities are established for all the members of BBVA Group.
    • The BBVA ''Code of Conduct'' also sets the necessary guidelines to ensure that Corporate Integrity is manifested in the relationships between BBVA Group and its customers, employees and managers, suppliers and third parties.
    • Therefore, BBVA has a compliance culture materialized in the BBVA Group ''Code of Conduct'' and a Compliance Function group wide.
    • The Compliance Function in BBVA Group is in charge of managing the compliance risk which in line with the Bank of International Settlements (BIS) concept is defined as "the risk of legal or regulatory sanctions, material financial loss, or loss to reputation a bank may suffer as a result of its failure to comply with laws, regulations, rules, related self-regulatory organization standards, and codes of conduct applicable to its banking activities."
    • Unless specific local regulations indicate otherwise, the common compliance remit in BBVA covers the following matters:
      • Conduct in markets
      • Treatment of conflicts of interest
      • Anti-money laundering and combating the financing of terrorism
      • Personal data protection
    • In accordance with international best practices and for the purpose of effectively managing the compliance risk, the Compliance Function has developed and implemented an internal compliance risk management model which defines the way the risks are managed and the elements needed for risk mitigation (policies and procedures, tools, monitoring, training…).
    • Furthermore, along with other specialized control functions, compliance units take a key role in the BBVA Group's Corporate Assurance model which has been implemented for an advanced corporate risk management.
    • As a regulated financial institution and according to its bylaws, the compliance function development and fulfillment are continuously monitored by the applicable Supervisory Bodies, as well as, the Top Management and Board Committees.
    • The Compliance function in BBVA is configured by a Corporate Unit and by Local Units in the countries where the BBVA Group conducts its activities.
    • Compliance Units report lines are established in the President support Units; they have also direct reporting lines to the Board Committees in every country, in order to ensure independency.
    • The Compliance Function in BBVA Group has qualified direct professionals group wide and according to the regulations and best practices, they have resources and no restrictions to access to the information needed to develop its activities.



    • As of December 31, 2015, the BBVA Group has not recorded any fines or penalties for breaches of legislation related to environmental issues or the supply of products and services, which might be significant regarding the Group's equity, financial situation or consolidated results.
    • The companies making up the BBVA Group in Spain have not received any relevant convictions in the employment courts between January 1 and December 31 2015 inclusive, in cases of equality or discrimination filed by employees; they have also not received any penalties due to very serious breaches of employment regulations.
  • Internal Standards on Security Markets
    • The policy of conduct in the securities markets develops the guidelines laid down in the BBVA Group's Code of Conduct regarding securities markets, and includes a series of principles and general procedural guidelines that are widely accepted internationally and designed to uphold the integrity of the markets.
    • Specifically, it contains the minimum procedural guidelines that everyone in the Group have to observe regarding the treatment of privileged information, the prevention of securities price manipulation, the management of potential conflicts of interest that may arise and those market operations undertaken on their own accord by employees.

    1. How does BBVA ensure that institutional/ personal actions of BBVA Group professionals on the Securities Markets are carried out in strict compliance with prevailing legislation and in accordance with ethical standards intended to foster transparency on the markets and to preserve investors' interests at all times?
    BBVA Group has a ''Code of Conduct'' which includes standards of personal ethical behavior and, more specifically, general market-conduct behavior standards which are developed through the "Policy of Conduct on the Securities Markets". This policy, approved by the Board of Directors of BBVA SA., establishes the minimum standards to be respected with respect to privileged information, Price Manipulation, Conflicts of Interest and own-account trading for all the people that comprise BBVA. In each jurisdiction, the Policy is supplemented with a set of Internal Standards of Conduct on Securities Markets.

    2. How does BBVA assure that there is no price manipulation by any employee in the Markets?
    • The Internal Standards of Conduct on the securities markets states the restrictions and obligations by any person or entity engaging directly or indirectly in activities related to the securities market.
    • In addition, BBVA has policies, procedures and controls to detect and analyze red flags of potential market abuse and to potentially notify the relevant supervisory authorities, through BBVA Compliance Dept., when there are reasonable grounds to suspect that a transaction is using privileged information or constitutes a practice distorting the free formation of prices, on the basis of applicable regulations.

     3. How does BBVA proceed to safeguard privileged information and control the flow of information?
    • Please see detailed information and measures in this regard in the "Policy of Conduct on the Securities Markets" and the "Internal Standard of Conduct" and ''Internal standards of conduct on Securities Markets''.

    4. How does BBVA manage the inherent conflicts of interests between the research area and any department in charge of investment banking, corporate finance or investment management services?
    • Research departments shall act with total independence from the rest of the departments or companies of the BBVA Group. No analyst shall be subject to any supervision or control whatsoever by any employee from departments providing investment banking services or any other department with which a conflict may arise.
    • Standards aimed at preserving the impartiality and objectivity of research analysts are generally included in Chapter 18 of the ''Internal Standard of Conduct on Securities Markets'' and developed through the ‘BBVA Corporate Procedure on Analysts and Research Analysis', which is not available to the public but is aligned with both E.U. and US applicable standards.

    5. How does BBVA prevent, manage and/or resolve any conflict of interest?

    • BBVA has implemented a set of measures in accordance with the potential conflict situations that may arise in each of the areas involved in investment activities and ancillary services:
    1. Establishment of Information Barriers: In order to guarantee that decisions are adopted autonomously within each area and to anticipate the appearance and existence of potential conflicts of interest, BBVA has established a policy on Chinese Walls arrangements.
    2. In addition, BBVA has defined a prevention and management policy in the provision of investment and ancillary services.
  • Anti-Money Laundering

    • The Prevention of Money Laundering and the Financing of Terrorist Activities (henceforth referred to jointly as the Prevention of Money Laundering) constitutes, above all, a priority objective that the BBVA Group associates with its pledge to promote and uphold the well-being of the different communities in which it operates.
    • For the BBVA Group, ensuring that its products and services are not used for illegal purposes likewise constitutes an essential requirement for safeguarding its corporate integrity, and thereby one of its main assets, namely, the trust of people and institutions it deals with on a day-to- day basis (customers, employees, shareholders, suppliers, etc.).
    • To achieve the above two objectives, as a global financial group with branches and subsidiaries that operate in numerous countries, the BBVA Group has adopted a Model for Managing the Risk of Money Laundering and the Financing of Terrorist Activities. This Model is followed in all the entities forming part of the BBVA Group, and not only takes into account the regulations on prevention of money laundering in the jurisdictions in which BBVA operates, but also incorporates the best practices of the international financial industry in this regard, as well as the recommendations issued by international entities such as the FATF (Financial Action Task Force).
    • This Model is made up of the following elements:
      • An organizational structure with the resources required to manage this function and a clear assignment of responsibilities in each unit.
      • A body of regulations that determines the obligations and care required in this sphere; particularly important are those relating "know your customer" (KYC).
      • The implementation of measures monitoring customers, aimed at identifying possible suspicious activities and guaranteeing they are reported to the competent authorities.
      • The execution of communication and training plans for employees. These plans are designed according to the level of exposure of each group at risk of money laundering. Its aim is to maintain an appropriate level of sensitivity and provides the capacity required to comply with the applicable law.
      • Permanent communication between Head Office and all the subsidiaries and branches of the BBVA Group, to ensure continuous monitoring and supervision in this regard.
      • Finally, the need for independent review, with the aim of verifying and checking the implementation and effectiveness of the rest of the elements of the Model independently.


    Access to AML-Wolfsberg Questionaire in the section 'Documents issued by BBVA Group'

  • Execution Policy
    • Following the European Directive on Markets in Financial Instruments (MiFID), BBVA has developed  an order execution policy ("Execution Policy").
    • The aim is to ensure that the best possible results are offered to our clients when executing orders relating to securities on their behalf, or arranging for any such orders to be executed through the agency of an intermediate broker.
    • The Execution Policy states: clients affected, financial instruments subject to and execution venues/ intermediaries used by BBVA.
    • BBVA will take all reasonable steps to achieve best execution.
    • In exceptional circumstances, BBVA may determine that other executions factors are more important than price in obtaining the best possible execution result.
    • BBVA reserves the right not to accept orders with specific instruction if that could prevent BBVA from obtaining the best result.
    • Bilateral negotiation for those financial instruments excluded from the execution policy are not executed on behalf of Clients.
    • BBVA is required to obtain the Client's prior consent to the policy.
  • Other Relevant Regulations and Policies




    In this section you will find the USA Patriot Act Certificate, essential to initiate or maintain any correspondent banking relationship with any financial institution or brokers/dealers from USA. This formal requirement is imposed by USA Patriot Act Law.

    • The Foreign Account Tax Compliance Act (FATCA) entered in force 1 July 2014. It is a legislation to encourage enhanced tax compliance and transparency with respect to US citizens or residents.
    • In this portal you will find a detailed description about this new regulation.
    • The FATCA Status for BBVA SA is Reporting Model 1 FFI.
  • Internal Control Model
    • Starting in January 2013, the BBVA Group has strengthened its internal control model by incorporating it into a scheme of governance called Corporate Assurance.
    • The internal control model is structured into 3 lines of defense made up of the Business Units, Control Specialists and Internal Audit.
    • Elaboration of policies and procedures for mitigating or controlling operational risk: definition of responsibilities and controls for each activity. Each process owner has to make sure that the main inherent risks are mitigated, and that the designed controls are carried out in due time and proper form.
    • Testing on those activities and controls: Internal Audit and CIB Internal Control (both independent areas from businesses and administrations activities) areas carry out periodic tests on the different controls and activities performed by the different units in order to ensure the fulfillment defined in the model.

    Under this framework, BBVA Group model monitors the operational risk following two streams:

    • Measuring of outstanding risks.
    • Following up processes through specific committees.

BBVA Group Policies

Documents issued by BBVA Group

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