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Como's Marco Curto has been given a 10-match ban by Fifa, with five them of them suspended, for racially abusing Wolves forward Hwang Hee-chan in a pre-season friendly.
The incident happened in the the second half of the game in Marbella in July - with Hwang's team-mate Daniel Podence sent off for a punch in the aftermath.
Wolves complained to the Italian Football Association and to Uefa, which said it was powerless to act because it was not a Uefa match.
But the Korean Football Association got involved, with Hwang a South Korea international, and reported the incident to Fifa.
"The player Marco Curto was found responsible for discriminatory behaviour and sanctioned with a 10-match suspension," a Fifa spokesperson said.
"Serving of half of those matches is suspended for a probation period of two years, and the player is ordered to render community services and undergo training and education with an organisation approved by Fifa."
Italian defender Curto, 25, joined Serie B side Cesena on a season-long loan the week after the Wolves match.
Wolves' director of football operations and administration Matt Wild thanked the Football Association for their support during the process.
"The suspension issued to the player sends a clear message that racism and discriminatory behaviour will not be tolerated in football or society," he said.
"This outcome highlights Fifa’s commitment to ensuring that serious actions have meaningful consequences.
"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."