What is numbered account?
Numbered bank accounts are offered by Swiss banks to the
majority of their clients. Typically the account will also
have a codename attached to it for the convenience of both
the banker and customer. This avoids confusion between
banker and customer as to which account is being discussed.
The feature of numbered accounts is that the customer's name
does not appear on bank statements. Only the number and
code-name appear. This means that if bank statements are
lost or stolen, it will not be immediately obvious as to who
is behind the account. Although numbered accounts may seem
to grant some anonymity, Swiss law now requires all banks to
know the identity of their customers. However, in the case
of a numbered account, the customer's identity will only be
known to a small group of people in the bank, on a "need to
know" basis. Also the customer's name does not appear on the
bank's computer thus preserving confidentiality in the case
of cybercrime. Numbered accounts may not be used to hide the
proceeds of a crime. For example, Swiss banks have strict
anti-money laundering rules and laws which require the
reporting of suspected cases to the Swiss authorities.
Still, numbered accounts have been used for criminal
activities, such as corrupt politicians hiding money
embezzled from citizens. While it is unknown how complicit
Swiss banks were in such activities, they have cooperated
with subsequent governments to return the funds to the
country concerned, such as the fortune of Ferdinand Marcos.
Numbered accounts also have more mundane uses such as hiding
funds from wives, family members, and others who would
potentially try to take funds away from the owner. In some
countries this might include criminals, kidnappers and
blackmailers, whilst in others it may include unknown
persons who might potentially sue, e.g. in a malpractice
suit. Numbered accounts are also used for tax evasion, but
following the imposition of a 15% withholding income tax on
interest earned by EU residents, the perceived tax benefits
have been somewhat diminished.
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consulting International Swiss Investment Bank Account opening
What is bank account?
What is an offshore bank?
What is an offshore bank account?
Who can legally open and hold an offshore account?
Where should an offshore account be established?
Who can benefit by putting their money offshore?
Is it convenient to use offshore banks?
What are some of the general advantages of banking
Do I have to pay income tax on income I've earned
Is there any restrictions regarding citizenship?
How do I open and access an offshore bank account?
In which currencies can I open offshore account?
What is the minimum deposit required to open an offshore
What documents are required for the opening of a bank
How long does it take to open a bank account?
Who will control my bank account?
Is my bank account guaranteed when I pay your fee?
What happens, if a bank declines my account application?
Is offshore banking safe?
Am I guaranteed absolute privacy and confidentiality
from an offshore bank?
Can I view my offshore accounts and investments online?
Can I get cards to access my money with an offshore
What is saving account?
What is deposit account?
What is current account?
What is numbered account?
What is bank secrecy?
What is private banking?
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