Section 2
SECTION 2. Section thirty-four of the same Act is hereby amended to read as follows: "Sec. 34. Proceedings upon violation of laws and regulations. — Whenever any person or entity willfully violates this Act or any order, instruction, rule or regulation issued by the Monetary Board, the person or persons responsible for such violation shall be punished by a fine of not more than twenty thousand pesos and by imprisonment of not more than five years. "Whenever a banking institution persists in violating its charter or by-laws or any law, or orders, instructions, rules or regulations issued by the Monetary Board, or whenever a banking institution persists in carrying on its business in an unlawful or unsafe manner, the Board may, without prejudice to the penalties provided in the preceding paragraph of this section and the administrative sanctions provided in Section 34-A of this Act, after due hearing, take action under Section 29 of this Act."