Black has been issued with a notice of complaint which includes an allegation of 'betting on three matches on his then registered club not to win'.
These incidents happened between March 2006, when Black was at Inverness Caley Thistle, and July 2013, a year after he joined Rangers.
The 28-year-old also spent three years at Hearts during the period in question.
Black has also been charged with breaching the SFA's disciplinary rule 22 by 'betting on a further 10 football matches involving then-registered club' and 'betting on a further 147 football matches'.
In a statement, Rangers said: "Rangers are aware of the notice from the SFA compliance officer, and the club is investigating."