No BIC defined for counterparty &1

What causes this issue?

For business partners in the <LS>Counterparty</> role, you can maintain
a BIC at two locations:
In the
<DS:TRAN.BP>business partner master data</> on the <LS>Identifiers</>
tab
In the transaction
<DS:TRAN.FTR_BP_BIC>Assign BIC and External Security Account ID to
Business Partner</>
For business partner &V1&, both locations do not contain a BIC code.

System Response

The system issues an error message and will not allow you to continue with this transaction until the error is resolved.

How to fix this error?

Procedure for System Administrators

Error message extract from SAP system. Copyright SAP SE.