I'm not sure what you mean by, "regulates the charging". The Voltage regulator (if your motor has one, not all do.) and rectifier get the DC voltage to the battery at the correct voltage, the battery will somewhat regulate the charging on it's own and only absorb the amps it needs, as long as the voltage isn't too high everything's fine. There is no other mechanism or electronics on this motor that is responsible for adjusting voltage or charging rate.
If your motor doesn't have a regulator, or it's not working, then 16+ volts is normal, it's not great for the battery long term, so if you're running for hours you may want to turn on something that will drain off some of the power.