Bairstow's unbeaten 108 off 48 balls, with eight fours and nine sixes, see Punjab secure the win with eight balls to spare
"Anti Corruption Tribunal has found Khalid Latif guilty of all charges..." the PCB said on its verified Twitter account.
The 31-year-old, who has played five one-day internationals, had also been fined one million Pakistani rupees ($9,491), the PCB added.
Fellow Islamabad United player Sharjeel Khan also received a five-year ban last month and both were sent home from the Twenty20 competition in the United Arab Emirates after an investigation by the board's anti-corruption unit.
At least two other players have been implicated in the scandal, while another, fast bowler Mohammad Irfan, was fined and given a one-year ban in March this year.
($1 = 105.36 Pakistani rupees)