(Reuters) -The Office of the Comptroller of the Currency (OCC), a top banking regulator within the USA, said on Thursday it has issued an enforcement motion against Wells Fargo on account of deficiencies in its risk management practices.

Shares of the bank fell 5% in afternoon trading. The regulator said it had identified deficiencies regarding the bank’s financial crimes risk management practices and anti-money laundering internal controls.

An agreement under the enforcement motion requires the lender to receive permission from the OCC before launching latest business in medium- or high-risk areas for money laundering or sanctions. The regulator, nonetheless, shouldn’t be on the lookout for any monetary penalty.

“We now have been working to handle a substantial portion of what’s required inside the formal agreement, and we’re committed to completing the work with the equivalent sense of urgency as our other regulatory commitments,” the bank said in a press release.

(Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri and Shinjini Ganguli)