Banco de Valores SA will bring its case regarding a 39 million-peso fine before Argentina's Supreme Court after a lower court rejected the bank's appeal earlier in June.

The Buenos Aires-based bank said it is appealing a federal appellate court's decision as it considers the fine to be "arbitrary and unconstitutional," according to a regulatory filing.

In 2014, the bank and its directors, management and trustees were fined roughly 185 million pesos for failing to submit documentation and noncompliance with anti-money-laundering rules. The fine was reduced to 39 million pesos by Banco Central de la República Argentina in August 2017 after deciding that the original amount was excessive.

The penalty is tied to cash operations from 2008 over bond purchases in pesos and their sale abroad in U.S. dollars. The bank allegedly failed to request information from its clients about the origin of funds.

As of June 12, US$1 was equivalent to 25.84 Argentine pesos.