Wells Fargo & Co ( WFC ) shares traded lower Thursday after the U.S. Office of the Comptroller of the Currency (OCC) entered into a formal agreement with the company as related to its anti-money laundering (AML) and sanctions risk management practices. 

The Details: The OCC said that it found deficiencies relating to Wells Fargo's ( WFC ) anti-money laundering internal controls and financial crimes risk management practices. 

Wells Fargo ( WFC ) issued a statement Thursday announcing a new agreement, which will require enhancements to the bank's anti-money laundering (AML) and sanctions risk management practices, obtaining the OCC’s acceptance of Wells Fargo's ( WFC ) program for assessing the AML and sanctions risks of new offerings and providing notice to the OCC before expanding certain of those offerings. 

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“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,” Wells Fargo ( WFC ) said in the statement issued Thursday. 

WFC Price Action: According to Benzinga Pro, Well Fargo shares ended Thursday's session 4.02% lower at $51.57.

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