Financial penalties
Another option is to present mandatory fines for clubs allowing and indulging in racism.
Akin to points deductions, the results are similar in this case. It would further lend to the financial nature of the contemporary game, hitting clubs were it hurts most.
Fines are often derided in terms of their paltry nature, in comparison to overall incomes.
Fines of €20,000 are a small proportion of general expenditures for most clubs, let alone incomes. Perhaps fines with higher amounts need to be imposed to get the point across more effectively. Lazio and Shakhtar Donetsk were fined for racist behaviour by UEFA in earlier in 2019.
If a club had to give a section of its revenue to a charitable body or even pay a higher tax rate, then it could play a role in limiting such activities.
Moreover, it would mean a club couldn't progress to the degree required. For a large club, this would mean not being able to attract top players or affording their acquistions at the least if fines had an actual hit on their financial capabilities.