Pakistan captain Misbah has been docked 15 per cent of his match fee after showing his displeasure at being given out caught behind during New Zealand's four-wicket victory in the second one-day international in Sharjah on Friday.
Milne, meanwhile, has been warned after using insulting language following his dismissal of Shahid Afridi.
"Milne received an official reprimand for violating Level 1 Article 2.1.4 of the ICC Code of Conduct for Players and Player Support Personnel, which relates to "language or a gesture that is obscene, offensive or insulting during an International match," an ICC statement read.
"The right-arm fast bowler, after dismissing Shahid Afridi in the 41st over, was clearly observed using an inappropriate word.
"Misbah was fined 15 per cent of his match fee for a level 1 Article 2.1.3 offence, which relates to "Showing dissent at an Umpire's decision during an International Match".
"The incident happened in the 37th over when Misbah expressed his displeasure after TV Umpire Joel Wilson held on-field umpire Richard Illingworth's decision to give him caught behind off Matt Henry.
"After the match, both players admitted the offences and accepted the sanctions proposed by Roshan Mahanama of the Emirates Elite Panel of ICC Match Referees. As such, there was no need for a formal hearing."
Misbah had been a doubt for the remainder of the five-match series due to a hamstring injury, though the 40-year-old has retained his place in an updated squad released on Saturday.
Bilawal Bhatti and Umar Gul are not so fortunate, however, tendon and hand injuries respectively have ended the pair's series, with all-rounder Anwar Ali and leg-spinner Yasir Shah called up in their place.