DUSTIN Martin is facing a possible fine, with the AFL's football operations department investigating a gesture he made to Collingwood supporters during Richmond's win at the MCG on Saturday.

After running into an open goal in the last quarter of Saturday's game, Martin raised two fingers to the Collingwood cheer squad.

The midfielder and teammate Jack Riewoldt had earlier come in for some attention from the Pies cheer squad, with some members seen to give them one-fingered 'salutes'.

The AFL announced on Monday afternoon that the Match Review Panel had referred the Martin incident to the League's football operations department for determination under the competition's player rules.

Given Martin was found guilty of making an offensive gesture in Richmond's 2013 elimination final loss to Carlton, when he made a handcuffs signal, he now faces a $2500 fine for a second offence, which could be reduced to $1500 with a early plea.

However, Martin will have to pay $2000 on top of that fine, with that amount part of a suspended two-year fine imposed by the AFL for his 2013 handcuffs gesture.