Verified Member for BuddyPress plugin contains a POT file that can be translated using Poedit under the languages directory. To open and translate this file, go to:
Usually, we recommend to rename both translated files
bp-verified-member-your-language-code.po. Then, please replace from the file name by the language code of your choice, for instance
fr_FR for french.
Finally, the best practice is to move the files in the plugins languages directory of your whole website:
wp-content/languages/plugins directory. There, you will find the translation for other plugins.
This will also ensure that the files will not be lost during any future update.