03:04 PM EDT, 09/12/2024 (MT Newswires) -- Wells Fargo ( WFC ) and the Office of the Comptroller of the Currency said Thursday that Wells Fargo Bank and the regulator entered into a formal agreement on anti-money laundering and sanctions risk management practices.

The agreement requires the bank to enhance its anti-money laundering and sanctions risk management practices, obtain acceptance from the OCC for assessing risks of new offerings and provide notice to the regulator before expanding those offerings, Wells Fargo ( WFC ) said.

Separately, the OCC said the agreement points out deficiencies in Wells Fargo's ( WFC ) "financial crimes risk management practices and anti-money laundering internal controls in several areas."

Shares of Wells Fargo ( WFC ) were down nearly 3% in recent trading.

Price: 52.21, Change: -1.53, Percent Change: -2.84