The Rossoneri have been accused of failing to comply with break-even requirements during the monitoring period assessed in 2018-2019, which covers periods ending in 2016, 2017 and 2018.
UEFA's Club Financial Control Body Adjudicatory Chamber said, however, that proceedings will be put on hold.
This is because an earlier case of alleged FFP regulations breaches remains ongoing.
Last year, UEFA banned Milan from the 2018-2019 Europa League for allegedly flouting the governing body's rules aimed at preventing teams from spending beyond their means.
However, the Court of Arbitration for Sport upheld an appeal by Milan against its exclusion from the tournament and told UEFA to issue a new "proportionate disciplinary measure".
The decision enabled Milan to compete in the group stage of the 2018-2019 competition, where it finished third behind Real Betis and Olympiacos.
The Rossoneri qualified for the 2019-20 group stage after finishing in fifth place in Serie A this season.