The TIU said an investigation had found the player made 28 bets on matches between January and March 2013, although none of the bets related to matches in which he played.
Navarrete, 24, has a career-high singles ranking of 723, which he reached in July 2016.
Four months of his ban is suspended on condition that he commits no further breaches of the Tennis Anti-Corruption Program, the TIU added in the statement.
(Reporting by Toby Davis; Editing Ken Ferris)
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