As r937 pointed out, it would help to know which SQL data engine you are using. The UPDATE statement has a lot of vendor/dialect specific add-on features that allow for more concise coding than the ANSI standard permits.
To use the pure ANSI SQL to get what you've described:
Code:
UPDATE agency_cd_ctrl
SET user_id = (SELECT b.user_id
FROM seller_imp AS b
WHERE b.alias_user_id = agency_cd_ctrl.user_id)
WHERE EXISTS (SELECT *
FROM seller_imp AS c
WHERE c.alias_user_id = agency_cd_ctrl.user_id)
-PatP