BEVERLY HILLS, September 17, (THEWILL) – The Nigerian government has issued a directive asking all account holders in banks, other financial institutions and insurance companies to obtain, complete and submit a self-certification form to their financial institutions.
The directive is coming years after already putting account holders through a rigorous verification process, which involved the Bank Verification Number, BVN (a unique biometric-based identifier number) and a national identity card.
The notice was sent in a tweet by the federal government official Twitter account @NigeriaGov earlier on Thursday.
The tweet said: “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 are 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 three categories: Form for entity – for controlling person (individuals having controlling interest in a legal person, trustee, 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.”
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