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{{Short description|Type of bank account}}[[File:Zürich Paradeplatz, Credit Suisse.jpg|thumb|261x261px|Many [[Banking in Switzerland|banks in Switzerland]] and other [[Offshore financial centre|off-shore financial centers]], offer the usage of numbered bank accounts for an extra degree of [[Bank secrecy|banking secrecy]].]]'''Numbered bank accounts''' are [[bank account|bank accounts]] wherein the identity of the holder is replaced with a multi-digit number known only to the client and selected private bankers.<ref name=":2">{{Cite news|url=https://economictimes.indiatimes.com/magazines/panache/fancy-yourself-a-numbered-swiss-bank-account-heres-how-you-can-get-one/articleshow/44979525.cms|title=Fancy yourself a numbered Swiss Bank account? Here's how you can get one|date=October 30, 2013|work=The Economic Times|access-date=May 18, 2018}}</ref><ref>{{Cite news|url=https://money.howstuffworks.com/personal-finance/banking/swiss-bank-account5.htm|title=How Swiss Bank Accounts Work|last=Obringer|first=Lee Ann|date=June 8, 2011|work=HowStuffWorks|access-date=May 18, 2018|language=en}}</ref> Although these accounts do add another layer of [[Bank secrecy|banking secrecy]], they are not completely anonymous as the name of the client is still recorded by the bank and is subject to limited, warranted disclosure.<ref name=":2" /><!-- The lack of citations is purposeful. Refer to Wikipedia:Manual of Style/Lead section#Citations for more information. Wikipedia allows there to be little to no citations in the lead area if it is cited within the main body. If there is something in the lead not cited in the main part drop a {{not found in body}} tag to indicate a missing citation and it will be addressed. --> |
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During the 1910s, bankers from Switzerland created numbered bank accounts to add a layer of [[anonymity]] for European clients seeking to avoid paying [[World War I]] taxes.<ref name=":43">{{Cite book|title=The Fall of UBS: The Forces that Brought Down Switzerland's Biggest Bank|last=Schütz|first=Dirk|date=2000|publisher=Pyramid Media Group|isbn=9780944188200|language=en}}</ref> With the passage of the [[Federal Act on Banks and Savings Banks|Swiss Banking Law of 1934]], this practice proliferated across the [[Banking in Switzerland|banking industry in Switzerland]].<ref name=":0">{{Cite web|url=https://www.swiss-privacy.com/numbered-bank-account.html|title=Swiss-Privacy.com {{!}} Numbered bank account|website=www.swiss-privacy.com|language=en-gb|access-date=May 18, 2018}}</ref> Some Swiss banks supplement the number with a [[code name]] such as "[[St. Louis Cardinals|Cardinal]]",<ref>{{Cite news|url=https://www.nytimes.com/2018/01/06/business/stefan-buck-tax-evasion.html|title=A Swiss Banker Helped Americans Dodge Taxes. Was It a Crime?|last=Enrich|first=David|date=January 6, 2018|work=The New York Times|access-date=May 20, 2018|language=en|quote=Several hunkered down in Switzerland, which refused to extradite its citizens to the United States for actions that weren’t illegal in Switzerland. None had actually gone on trial.}}</ref> "[[Octopussy]]"<ref name=":02">{{Cite news|url=https://www.nytimes.com/2009/08/20/business/global/20ubs.html|title=Under Agreement, UBS to Give Up 4,450 Names|last=Browning|first=Lynnley|date=August 19, 2009|work=The New York Times|access-date=May 15, 2018|language=en}}</ref> or "[[Cello]]"<ref name=":02" /> as an alternative manner to identify the client.<ref>{{Cite news|url=https://www.investopedia.com/study-guide/series-10/chapter-34/chapter-3/numbered-accounts/|title=Numbered Bank Accounts - Series 10 {{!}} Investopedia|date=November 12, 2014|work=Investopedia|access-date=May 18, 2018|language=en-US|quote=A broker dealer, at the request of the customer, may open an account that is simply identified by a number or a symbol, as long as there is a statement signed by the customer attesting to the ownership of the account.}}</ref> However, to open this type of account in Switzerland, clients must pass a multi-stage clearance procedure and prove to the bank the lawful origins of their assets.<ref name=":1">{{Cite news|url=https://www.cnbc.com/id/26182063|title=How To Open A Swiss Bank Account|last=Koba|first=Mark|date=August 20, 2008|work=CNBC|access-date=May 12, 2018}}</ref> Banking institutions that have adopted this practice in [[Europe]], [[Asia]], and [[Americas|the Americas]] also require clients to undergo stringent vetting and provide the identity of the beneficial owner.<ref name=":1" /> The usage of fake names to open these accounts is prohibited in [[Switzerland]], the [[European Union]], the [[United States]], and other [[Offshore financial centre|off-shore financial centers]].<ref name=":1" /> |
During the 1910s, bankers from Switzerland created numbered bank accounts to add a layer of [[anonymity]] for European clients seeking to avoid paying [[World War I]] taxes.<ref name=":43">{{Cite book|title=The Fall of UBS: The Forces that Brought Down Switzerland's Biggest Bank|last=Schütz|first=Dirk|date=2000|publisher=Pyramid Media Group|isbn=9780944188200|language=en}}</ref> With the passage of the [[Federal Act on Banks and Savings Banks|Swiss Banking Law of 1934]], this practice proliferated across the [[Banking in Switzerland|banking industry in Switzerland]].<ref name=":0">{{Cite web|url=https://www.swiss-privacy.com/numbered-bank-account.html|title=Swiss-Privacy.com {{!}} Numbered bank account|website=www.swiss-privacy.com|language=en-gb|access-date=May 18, 2018}}</ref> Some Swiss banks supplement the number with a [[code name]] such as "[[St. Louis Cardinals|Cardinal]]",<ref>{{Cite news|url=https://www.nytimes.com/2018/01/06/business/stefan-buck-tax-evasion.html|title=A Swiss Banker Helped Americans Dodge Taxes. Was It a Crime?|last=Enrich|first=David|date=January 6, 2018|work=The New York Times|access-date=May 20, 2018|language=en|quote=Several hunkered down in Switzerland, which refused to extradite its citizens to the United States for actions that weren’t illegal in Switzerland. None had actually gone on trial.}}</ref> "[[Octopussy]]"<ref name=":02">{{Cite news|url=https://www.nytimes.com/2009/08/20/business/global/20ubs.html|title=Under Agreement, UBS to Give Up 4,450 Names|last=Browning|first=Lynnley|date=August 19, 2009|work=The New York Times|access-date=May 15, 2018|language=en}}</ref> or "[[Cello]]"<ref name=":02" /> as an alternative manner to identify the client.<ref>{{Cite news|url=https://www.investopedia.com/study-guide/series-10/chapter-34/chapter-3/numbered-accounts/|title=Numbered Bank Accounts - Series 10 {{!}} Investopedia|date=November 12, 2014|work=Investopedia|access-date=May 18, 2018|language=en-US|quote=A broker dealer, at the request of the customer, may open an account that is simply identified by a number or a symbol, as long as there is a statement signed by the customer attesting to the ownership of the account.}}</ref> However, to open this type of account in Switzerland, clients must pass a multi-stage clearance procedure and prove to the bank the lawful origins of their assets.<ref name=":1">{{Cite news|url=https://www.cnbc.com/id/26182063|title=How To Open A Swiss Bank Account|last=Koba|first=Mark|date=August 20, 2008|work=CNBC|access-date=May 12, 2018}}</ref> Banking institutions that have adopted this practice in [[Europe]], [[Asia]], and [[Americas|the Americas]] also require clients to undergo stringent vetting and provide the identity of the beneficial owner.<ref name=":1" /> The usage of fake names to open these accounts is prohibited in [[Switzerland]], the [[European Union]], the [[United States]], and other [[Offshore financial centre|off-shore financial centers]].<ref name=":1" /><ref>[https://melbournevault.com.au/storage-solutions/safe-deposit-boxes/ Safety Deposit Box Guide]</ref> |
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Many sovereign state governments have outlawed the usage of these accounts as they are commonly associated with a desire by the account holder to either minimize governmental scrutiny or avoid [[Tax|taxation]].<ref name=":1" /> Most regulations governing the usage of numbered bank accounts require that the holder signs a document and undergoes a [[background check]] that confirms who they are and a connection to the account.<ref>{{Cite web|url=https://www.offshore-manual.com/SwissNumbered.html|title=Offshore Manual: Swiss Numbered Bank Account|website=www.offshore-manual.com|access-date=May 18, 2018}}</ref> Despite the regulations, numbered bank accounts by their very nature are more private than normal bank accounts. In Switzerland, for example, bankers are outlawed from disclosing whether or not an account is numbered to any governmental agency unless proof of deliberate fraud is established, not merely the non-reporting of assets in order to avoid taxation.<ref name=":0" /><!-- Keep article on the shorter side as much of the hyperlinks connect to other related article, see WP:O. --> |
Many sovereign state governments have outlawed the usage of these accounts as they are commonly associated with a desire by the account holder to either minimize governmental scrutiny or avoid [[Tax|taxation]].<ref name=":1" /> Most regulations governing the usage of numbered bank accounts require that the holder signs a document and undergoes a [[background check]] that confirms who they are and a connection to the account.<ref>{{Cite web|url=https://www.offshore-manual.com/SwissNumbered.html|title=Offshore Manual: Swiss Numbered Bank Account|website=www.offshore-manual.com|access-date=May 18, 2018}}</ref> Despite the regulations, numbered bank accounts by their very nature are more private than normal bank accounts. In Switzerland, for example, bankers are outlawed from disclosing whether or not an account is numbered to any governmental agency unless proof of deliberate fraud is established, not merely the non-reporting of assets in order to avoid taxation.<ref name=":0" /><!-- Keep article on the shorter side as much of the hyperlinks connect to other related article, see WP:O. --> |
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Latest revision as of 02:44, 19 September 2024
Numbered bank accounts are bank accounts wherein the identity of the holder is replaced with a multi-digit number known only to the client and selected private bankers.[1][2] Although these accounts do add another layer of banking secrecy, they are not completely anonymous as the name of the client is still recorded by the bank and is subject to limited, warranted disclosure.[1]
During the 1910s, bankers from Switzerland created numbered bank accounts to add a layer of anonymity for European clients seeking to avoid paying World War I taxes.[3] With the passage of the Swiss Banking Law of 1934, this practice proliferated across the banking industry in Switzerland.[4] Some Swiss banks supplement the number with a code name such as "Cardinal",[5] "Octopussy"[6] or "Cello"[6] as an alternative manner to identify the client.[7] However, to open this type of account in Switzerland, clients must pass a multi-stage clearance procedure and prove to the bank the lawful origins of their assets.[8] Banking institutions that have adopted this practice in Europe, Asia, and the Americas also require clients to undergo stringent vetting and provide the identity of the beneficial owner.[8] The usage of fake names to open these accounts is prohibited in Switzerland, the European Union, the United States, and other off-shore financial centers.[8][9]
Many sovereign state governments have outlawed the usage of these accounts as they are commonly associated with a desire by the account holder to either minimize governmental scrutiny or avoid taxation.[8] Most regulations governing the usage of numbered bank accounts require that the holder signs a document and undergoes a background check that confirms who they are and a connection to the account.[10] Despite the regulations, numbered bank accounts by their very nature are more private than normal bank accounts. In Switzerland, for example, bankers are outlawed from disclosing whether or not an account is numbered to any governmental agency unless proof of deliberate fraud is established, not merely the non-reporting of assets in order to avoid taxation.[4]
See also
[edit]
References
[edit]- ^ a b "Fancy yourself a numbered Swiss Bank account? Here's how you can get one". The Economic Times. October 30, 2013. Retrieved May 18, 2018.
- ^ Obringer, Lee Ann (June 8, 2011). "How Swiss Bank Accounts Work". HowStuffWorks. Retrieved May 18, 2018.
- ^ Schütz, Dirk (2000). The Fall of UBS: The Forces that Brought Down Switzerland's Biggest Bank. Pyramid Media Group. ISBN 9780944188200.
- ^ a b "Swiss-Privacy.com | Numbered bank account". www.swiss-privacy.com. Retrieved May 18, 2018.
- ^ Enrich, David (January 6, 2018). "A Swiss Banker Helped Americans Dodge Taxes. Was It a Crime?". The New York Times. Retrieved May 20, 2018.
Several hunkered down in Switzerland, which refused to extradite its citizens to the United States for actions that weren't illegal in Switzerland. None had actually gone on trial.
- ^ a b Browning, Lynnley (August 19, 2009). "Under Agreement, UBS to Give Up 4,450 Names". The New York Times. Retrieved May 15, 2018.
- ^ "Numbered Bank Accounts - Series 10 | Investopedia". Investopedia. November 12, 2014. Retrieved May 18, 2018.
A broker dealer, at the request of the customer, may open an account that is simply identified by a number or a symbol, as long as there is a statement signed by the customer attesting to the ownership of the account.
- ^ a b c d Koba, Mark (August 20, 2008). "How To Open A Swiss Bank Account". CNBC. Retrieved May 12, 2018.
- ^ Safety Deposit Box Guide
- ^ "Offshore Manual: Swiss Numbered Bank Account". www.offshore-manual.com. Retrieved May 18, 2018.