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Bank customers to fill, submit Self-Certification forms – FG orders

By Oluwaseun Sonde

The Federal Government of Nigeria has notified 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. In a statement released on Thursday, the forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.

According to the statement, “Persons holding accounts in different financial institutions is required to complete & submit the form to each one of the institutions, while the Self-Certification form is in three categories, Form for Entity, For Controlling Person (Individuals having controlling interest in a legal person, trustee, etc) and Form for individual.

The statement further stated that 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.

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