Section 15Sec./Art. 15

Sanctions. Any director, officer, employee., auditor, or agent of an Islamic bank who is found guilty of any act or omission in violation of any provision of this Act and its implementing rules and regulations shall be subject to the sanctions and penalties under Sections 34, 35, 36 and 37 of Republic Act No. 7653, and shall be punished by a fine not exceeding One million pesos (₱1,000,000.00) or by imprisonment of not more than five (5) years, or both, at the discretion of the court, without prejudice to administrative and criminal sanctions that may be imposed pursuant to existing banking laws and regulations.