Luke Cummings of Cymru Premier club Barry Town United AFC and Thomas Creamer of Cymru North club Conwy Borough FC have been suspended for three matches.
Cummings received the suspension for his alleged betting activity in ten UEFA Europa League matches for the 2020/21 season, a competition in which he competed for his current club.
Creamer meanwhile allegedly placed 13 bets on Cymru Premier League matches this season, with these matches taking place within the jurisdiction of the FAW.
The suspensions will begin on 28 December, and will last until both Barry Town and Conwy Borough have completed three senior team matches in league and/or cup competitions.
Both players were charged by the FAW disciplinary panel under FAW Rule 38.1.4.
The association’s betting rules state that players are not allowed to place or accept any bets on any game within Wales, with the rules also applying to Welsh clubs playing competitions outside of the country.
The FAW also issued fines to the players, with Cummings receiving a £200 fine, £100 of which shall remain suspended and will only be payable if he is found proven of another betting offence.
Creamer received a £250 fine, again £100 of which is suspended and payable if he is found proven of once again breaching betting rules.