Numbered bank account

Z%C3%BCrich Paradeplatz, Credit Suisse

Numbered bank account

A numbered bank account is a type of bank account where the identity of the account holder is replaced with a number or a code. This type of account is often used to provide an additional layer of privacy and anonymity for the account holder. Numbered bank accounts are typically associated with Swiss banks, although they can be found in other jurisdictions as well.

Features

Numbered bank accounts are designed to offer a higher level of confidentiality compared to regular bank accounts. The account holder's name is not directly associated with the account; instead, a number or code is used. This can help protect the account holder's identity from unauthorized access and scrutiny.

Confidentiality

The primary feature of a numbered bank account is its confidentiality. Only a limited number of bank employees have access to the identity of the account holder. This is intended to protect the account holder's privacy and reduce the risk of identity theft.

Security

Numbered bank accounts often come with enhanced security measures. These may include multi-factor authentication, encryption, and other advanced security protocols to ensure that the account remains secure.

Uses

Numbered bank accounts are often used by individuals who require a high level of privacy for their financial transactions. This can include high-net-worth individuals, celebrities, and politicians. They are also used in situations where financial privacy is a legal or personal necessity.

Regulation

While numbered bank accounts offer significant privacy benefits, they are also subject to regulatory scrutiny. Many countries have implemented anti-money laundering (AML) and know your customer (KYC) regulations that require banks to verify the identity of their clients, even if the account is numbered. This is to prevent the use of numbered bank accounts for illegal activities such as money laundering, tax evasion, and terrorist financing.

Criticism

Numbered bank accounts have been criticized for their potential to facilitate illegal activities. Critics argue that the anonymity provided by these accounts can be exploited for money laundering, tax evasion, and other illicit activities. As a result, there have been calls for greater transparency and regulation of numbered bank accounts.

See also

• Swiss bank
• Bank secrecy
• Offshore bank
• Anti-money laundering
• Know your customer