All bank account holders mandated to submit Self-Certification Forms - FG

The Nigerian Government has said that all account holders in Financial Institutions are required to obtain, complete and submit self-Certification Forms to their respective Financial Institutions.
EJ
Emeh Joy

The Nigerian Government has said that all account holders in Financial Institutions (banks, insurance companies etc.) are required to obtain, complete and submit self-Certification Forms to their respective Financial Institutions.

According to the Federal Government, individuals who hold an account in different financial institutions are expected to complete and submit the form to each of the financial institutions.

The Federal Government which made this announcement via its official Twitter account @NigeriaGov, further added that failure of an individual to comply with this would lead to either monetary sanction or inability to operate the account.

the tweet read thus:

"This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc.) are required to obtain, complete and submit Self-Certification Forms to their respective Financial Institutions.

"Persons holding accounts in different financial institutions is required to complete and submit the form to each one of the institutions.

"The forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.

"The self-certification form is in 3 categories:

  • Form for Entity
  • For Controlling Person (Individuals having a controlling interest in a legal person, trustees, etc.)
  • Form for individual

"Failure to comply with the requirement to administer or execute this form attracts sanctions which may include monetary penalty or inability to operate the account.

"For more enquiries, visit @firsNigeria website (firs.gov.ng) for more details".

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