Account Holders in Banks, Insurance Companies and Other Financial Institutions to Complete ‘Self-Certification’ Forms.

In a series of tweets from its twitter handle (@NigeriaGov) earlier today, 17 September 2020, the Federal Government of Nigeria informed 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.

The forms are required by the relevant financial institutions to carry out due diligence procedures in line with the ‘Income Tax (Common reporting Standards) Regulations, 2019.

The self-certification form is in 3 categories: –

  1. Form for Entity.
  2. Form for Controlling Person (Individuals having controlling interest in a legal person, trustee, etc).
  3. Form for individual.

According to the tweets, 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.

No effective date or deadline for collection and submission has yet been announced. Enquirers are currently referred to firs.gov.ng.

Vi-M will publish more details as they unfold.