The fine is the largest imposed by the Premier League, nearly double the previous record levied on West Ham in 2007 over the signings of Javier Mascherano and Carlos Tevez.
The London club have also been hit with an immediate nine-month academy transfer ban, the Premier League has announced.
The sanctions relate to information shared with the league by a consortium featuring American businessman Todd Boehly following the consortium's takeover of the club from Russian billionaire Roman Abramovich in 2022.
The Premier League found that between 2011 and 2018 undisclosed payments by third parties associated with the club were made to players, unregistered agents and other third parties.
The league's report documented transfers related to the unregistered payments, including those of Eden Hazard, Samuel Eto'o, David Luiz, Nemanja Matic, Willian and Andre Schurrle.
There is no suggestion of any wrongdoing by the players,
However, the league's assessment was that even if the payments had been properly included in historical financial submissions, the club would not have been in breach of the profitability and sustainability rules (PSR).
The league took Chelsea's "proactive self-reporting, admissions of breach and exceptional co-operation" into account as mitigating factors in determining the punishment Chelsea should face.
Chelsea have already been fined $A16.2m by Uefa for "submitting incomplete financial information" for the period between 2012 and 2019.
The club have also been charged by the Football Association with 74 alleged breaches of that governing body's rules, also in connection to the information the new owners shared with the football authorities.
In relation to the settlement with the Premier League, Chelsea released a statement highlighting their cooperation with the inquiry, for which they "disclosed many thousands of documents", the fact that it only came about as they self-reported the information, and the League's recognition that had they not done so "a number of the Premier League rule breaches may never have come to the attention of the league'".
