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Wells Fargo and the Office of the Comptroller of the Currency signed an agreement Thursday that cites flaws in the bank’s risk management, suspicious activity reporting and currency transaction reporting; and beneficial ownership, client identification and vetting programs.

Pursuant to the formal agreement, within 120 days, Sioux Falls, South Dakota-headquartered Wells Fargo, the third largest U.S. bank by assets, must submit a plan of remedial action that will help “achieve and sustain compliance” with the Bank Secrecy Act and sanctions promulgated by the Office of Foreign Assets Control.

The agreement does not carry a monetary penalty.