Bank account holders in Nigeria have been asked to visit their bank branches to re-register their accounts, odunews.com reports
The federal government said that every account holder with financial institutions must undergo a self-certification process.
This was disclosed through the Nigerian government twitter handle on Thursday.
Account-holders are required to obtain, complete and submit the self-certification forms to their respective financial institutions.
The federal government said individuals who hold accounts in different financial institutions would have to collect and submit separate forms to each one of the institutions.
Three categories of forms for entities, individuals and controlling person (individuals having a controlling interest in a legal person, trustee, etc) are said to be available
“The forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019,” it said.
“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.”
It is not yet clear how the self-certification process differs from the bank verification number (BVN) and the national identification number (NIN).
