The Federal Government has said all account holders in financial institutions, which include banks and insurance companies must fill self-certification forms.
The government in a tweet on Thursday said failure to comply with the new policy would attraction sanctions.
Account holders in different financial institutions are required to complete and submit the forms to each one of the institutions.
The tweet said the forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.
The government 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.
The self-certification form is in three categories, forms for entities, for individuals and controlling person; that is individuals having a controlling interest in a legal person, trustee.
