The Office of the Comptroller of the Currency (OCC) has issued an enforcement action against Wells Fargo Bank, N.A. due to significant deficiencies in its financial crimes risk management and anti-money laundering controls. The formal agreement highlights shortcomings in suspicious activity and currency transaction reporting, as well as customer due diligence. As a result of the enforcement action, Wells Fargo has committed to enhancing its anti-money laundering and sanctions risk management practices, including obtaining OCC approval for its risk assessment program for new offerings and meeting notice requirements before expansion. Shares of Wells Fargo fell 4% following the announcement, with the stock down 3% in afternoon trading.