The Office of the Comptroller of the Currency, a top banking regulator in the United States, said Thursday it has issued an enforcement action against Wells Fargo due to deficiencies in its risk management practices.

The Office of the Comptroller of the Currency (OCC), a top banking regulator in the United States, said on Thursday it has issued an enforcement action against Wells Fargo due to deficiencies in its risk management practices.

The OCC has flagged the bank’s financial-crimes risk-management practices and anti-money-laundering internal controls.

A top U.S. banking regulator has found "deficiencies" in Wells Fargo's anti-money laundering (AML) controls and financial crimes risk management practices, it said on Thursday in an enforcement action order it issued against the bank.

The Office of the Comptroller of the Currency said it has identified deficiencies with Wells Fargo’s anti-money-laundering controls and financial crimes risk-management practices.

Shares of Wells Fargo & Co. fell after the bank reached a deal with the Office of the Comptroller of the Currency requiring the lender to beef up systems for detecting money laundering and complying with international sanctions.

Wells Fargo stock dropped 5.2% after facing enforcement action for deficiencies in financial crimes risk management and anti-money laundering controls.