The adjudication relates to alleged payments between Watford and finance company LNOC Limited which have resulted in the club's former owner and director Laurence Bassini being banned from any participation in football for three years.
Despite the transfer embargo, the club can still buy and sell players under Regulation 19 of the Football League Regulations, as long as they receive prior authorization from the relevant football authorities.
"It is clear from the decision of the Football Disciplinary Commission that the offences which the club has been found guilty of were committed by one or two individuals who are no longer associated with the club - and without the knowledge of the full Board of the club," read a statement on Watford's official website.
"Neither Watford Football Club - nor any of its individual officers - will be making any further comment on this matter."
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