The Federal Government on Thursday directed all bank account holders in the country to undergo a “self-certification” process.

In the directive issued via federal government’s official Twitter handle, account-holders are required to obtain, complete and submit the self-certification forms to their respective financial institutions.

Individuals with accounts in different financial institutions are expected to collect and submit separate forms to each of the institutions.

The government added that three categories of forms for entities, individuals and controlling person (individuals having a controlling interest in a legal person, trustee, etc) were available.

“The forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.

“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 said.