Nicolas Kicker has been banned from tennis for three years and fined $25,000 through the Tennis Anti-Corruption Program for match-fixing offences.
The Argentine was ruled last month to be guilty of "contriving the outcome" of matches at ATP Challenger Tour events in Padova, Italy, and Barranquilla, Colombia, in 2015.
Kicker was also guilty of failing to fully co-operate with a Tennis Integrity Unit investigation into these allegations.
With the sanctions announced on Tuesday, Kicker will serve a three-year ban, with a further three years suspended.
The suspension has been backdated to May 24, from when he was initially banned following the ruling, and Kicker will not be allowed to compete in or attend any tournaments recognised by the sport's governing bodies until 2021.
Kicker is currently ranked 100th in the world.