Schoeman finished in third place behind British brothers Alistair and Jonathan Brownlee in Rio, claiming an unexpected, yet most welcome, medal.
However, last week, Russian hackers Fancy Bears released a string of emails they claimed were sent between International Olympic Committee (IOC) officials which stated Schoeman tested positive for Prednisolone - a steroid medication.
On Wednesday, the International Triathlon Union (ITU) and IOC released a statement following their investigation into the matter:
"Following the investigation opened by ITU and the IOC over the publication on some media outlets of allegations involving Schoeman and an Adverse Analytical Finding (AAF) that would have occurred during the 2016 Rio Olympic Games, all parties involved want to declare that the case was not considered to be any Anti-Doping rule violation.
"The result management went in accordance with the WADA rules and the process concluded that no AAF was recorded.
"As a result, the case was not considered to be, nor did it result in, an Anti-Doping Rule violation.
"ITU wants to acknowledge and thank Schoeman, who has been fully cooperative, providing any information to both the IOC and to ITU during this investigation process, since the information was publicly disclosed.
"The IOC is investigating the circumstances in which the information about Schoeman was publicly disclosed and is taking steps to protect athletes' confidential information.
"The IOC strongly condemns and will prosecute any unlawful attempts to disclose any confidential information."