During a friendly match in Marbella in July, Marco Curto, who was playing for Como at the time but is currently on loan to Italian second-tier side Cesena, was found guilty of verbally abusing Hwang.
"The player Marco Curto was found responsible for discriminatory behaviour and sanctioned with a 10-match suspension," a spokesperson for football's global governing body has 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."
The South Korea player's national football association contacted FIFA in July to express "serious concerns" about the incident.
Wolves are understood to welcome the decision, and are expected to issue a formal statement later.
Como insisted at the time that the incident had been "blown out of proportion".
Mirwan Suwarso, a spokesperson for the Italian club's owners, said Curto had told the club he had told a fellow defender "ignore (Hwang), he thinks he's Jackie Chan".
"Having spoken to our player at length, we are confident this was in reference to the player's name, and to the constant references of 'Channy' made by his own team-mates on the pitch," Suwarso added.
"As far as our club is concerned our player did not say anything in a derogatory manner.
"We are disappointed that the reaction of certain Wolves players has seen the incident blown out of proportion."