Williams has become the first F1 team to be caught out by the budget cap rules.
The team has been fined $25,000 [£20,000, €23,350] for a procedural breach of the FIA Formula 1 financial regulations.
The budget cap was first introduced last year and set at $145million, dropping to $140m for this season, with the figure to fall again to $135m for the years 2023-2025.
As part of the regulations, teams had to file their full-year reports by March 21 this year. Williams missed the cut, leading to the fine and the additional payment of associated administrative costs.
An FIA statement read: “On 12 April 2022, the Cost Cap Administration notified Williams that it had committed a procedural breach.
“On 15 April 2022, Williams responded to the notification accepting that it had committed a procedural breach and explaining the steps that it had taken to seek to avert that breach.
“Having considered Williams’ explanation and given in particular that the procedural breach was voluntarily disclosed by Williams in advance of the full-year-reporting deadline of 31 March 2022, and Williams has been fully cooperative in seeking to remedy the breach, the Cost Cap Administration deemed it appropriate to offer Williams an ABA resolving the breach on the terms set out below.
"That offer was accepted by Williams.”
It has been declared that Williams remediated the procedural breach by May 31, paid the fine within 30 days of the accepted breach agreement and bore the costs of the Cost Cap Administration.