Italian defender Marco Curto has been banned for 10 matches for racially abusing South Korean forward Hwang Hee-chan while playing for Como against Wolverhampton Wanderers in a pre-season friendly in July.
Curto, who is currently on loan from Como to Serie B club Cesena, will serve half of the punishment immediately with the other half suspended for two years.
"The player Marco Curto was found responsible for discriminatory behavior and sanctioned with a 10-match suspension," a FIFA spokesperson said.
"The player is ordered to render community services and undergo training and education with an organization approved by FIFA."
Wolves said the club would file a complaint with UEFA after the incident in the Spanish resort of Marbella that sparked an angry response from Hwang's teammates and led to the dismissal of winger Daniel Podence for punching a Como player.
"We welcome FIFA's decision to sanction Marco Curto following the discriminatory incident during our pre-season friendly against Como 1907," the Premier League club's Director of Football Matt Wild said in a statement.
"The suspension issued to the player sends a clear message that racism and discriminatory behavior will not be tolerated in football or society.
"Wolves will always stand firmly against racism and discrimination in any form, and we remain fully committed to creating an environment where everyone feels respected and included."
Como representatives were not immediately available for comment outside business hours.
In July, while condemning racism, Como said that Curto had referred to Hwang as "Jackie Chan" - the Hong Kong movie star - after hearing the Wolves players calling the forward by his nickname, "Channy".
"As far as our club is concerned our player did not say anything in a derogatory manner," the club said. "We are disappointed that the reaction of certain Wolves players has seen the incident blown out of proportion."
At the last FIFA Congress in Bangkok in May, President Gianni Infantino launched what he described as a "global stand against racism".
The governing body promised five areas of action, including mandatory sanctions for incidents of racism in or around matches.
"Racism is a scourge that exists in our society and is one also that is infiltrated in football," Infantino told the gathering of football officials from around the world.
"For too long we were not capable of dealing with it in an appropriate way. We need to stand up and fight racism and defeat racism all together."
