Sept 12 (Reuters) - 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 ( WFC ) due to deficiencies in its risk management

practices.

Shares of the bank fell 5% in afternoon trading. The

regulator said it had identified deficiencies relating to the

bank's financial crimes risk management practices and anti-money

laundering internal controls.

An agreement under the enforcement action requires the

lender to receive permission from the OCC before launching new

business in medium- or high-risk areas for money laundering or

sanctions. The regulator, however, is not seeking any monetary

penalty.

"We have been working to address a substantial portion of

what's required in the formal agreement, and we are committed to

completing the work with the same sense of urgency as our other

regulatory commitments," the bank said in a statement.

(Reporting by Niket Nishant in Bengaluru; Editing by Krishna

Chandra Eluri and Shinjini Ganguli)