Brahim Diaz’s Panenka penalty was saved by Senegal goalkeeper Edouard Mendy, and referee Jean-Jacques Ndala then immediately blew the whistle for full-time.
Pape Gueye scored the winning goal in the fourth minute of extra time to seal a second Afcon triumph in five years for Senegal.
Senegal forwards Iliman Ndiaye and Sarr received two-match bans for “unsporting behaviour towards the referee”, while the Senegal Football Federation (FSF) was fined a total of $615,000 (£444,000).
Morocco forward Ismael Saibari was given a three-match ban and fined $100,000 (£72,000), while defender Hakimi was handed a two-match ban, with one game suspended for 12 months.
A bid by Morocco’s football federation (FRMF) to have the result of the match overturned after Senegal players left the pitch was dismissed by Caf’s disciplinary committee.
The bans for Thiaw and the four players relate to Caf matches only and will not impact preparation for the World Cup in the US, Canada and Mexico.