The United States Department of Transportation has hit Fiat Chrysler Automobiles with a record $70 million fine for inadequately reporting incidents regarding vehicle crash deaths and injuries since 2003, according to CNN Money.

Due to the inadequacies of the company's reports, fatal accidents and cases of injuries related to the company's vehicles were not investigated by the National Highway Transportation Safety Administration (NHTSA), which uses data from the reports to determine if a vehicle needs to be repaired through a recall.

The required reports to the NHTSA is part of a 2000 law that aims to detect defect trends in vehicles early. It was passed in Congress after 270 people lost their lives in rollover incidents in 2000 model Ford Explorers with faulty tires, reported FOX Business.

With the sanctions in place, FIat Chrysler must now disclose all crash reports that were not filed properly since 2003 within the next six months.

Responding to the issue, Fiat Chrysler also stated Thursday that the company is set to overhaul its entire operations in order to ensure full disclosure of vehicle-related deaths and injuries from this point forward, according to The New York Times.

The company further stated that it would be commissioning a third-party audit to identify the scope of the reporting failures. It also stated that once determined, the results of the audit will be made public.

Check out more business news here.