Oumar Niasse will serve a two-match ban after his appeal against a diving charge was rejected by the Football Association.
Everton striker Niasse becomes the first Premier League player to be hit with a retrospective suspension for simulation under the new law that kicked in at the start of this season.
A statement from the governing body on Wednesday said: "Everton's Oumar Niasse will serve a two-match suspension with immediate effect after his denial of an FA charge of successful deception of a match official was rejected.
"It was alleged he committed an act of simulation which led to a penalty being awarded in the fifth minute of the game against Crystal Palace.
"He denied the charge. However, it was found proven following an Independent Regulatory Commission hearing."
The ban means Niasse, Everton's top scorer, will miss Premier League games at Southampton on Sunday and at home to West Ham three days later.
The penalty was awarded by referee Anthony Taylor when Niasse went down in the Palace box and it was deemed that he had been fouled by defender Scott Dann, who reacted angrily to the decision.
Leighton Baines converted to cancel out James McArthur's opener for the hosts, and Niasse later netted a second equaliser.
Dann said after the game that Niasse had "conned the referee."
The FA statement on Wednesday added: "Incidents which suggest a match official has been deceived by an act of simulation are referred to a panel consisting of one ex-match official, one ex-manager and one ex-player.
"Each panel member will be asked to review all available video footage independently of one another to determine whether they consider it was an offence of successful deception of a match official.
"Only in circumstances where the panel are unanimous would the FA issue a charge."