The federal government on Friday, September 18, apologized for misleading banks customers on registration for account holders.
The federal government had ordered all persons holding accounts across financial institutions and insurance firms to complete and submit Self-certification forms.
This was announced by the Government in a social media statement on Thursday, September 18. The FG warned that failure to comply may include monetary penalty or inability to operate the account.
It stated: “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 & 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.”
According to the government, the certification forms would be in 3 categories, which are “Form for Entity – For Controlling Person (Individuals having a controlling interest in a legal person, trustee, etc) – Form for individual.”