Numbered bank account
From The Art and Popular Culture Encyclopedia
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Normally, a bank account is a financial account maintained by a financial institution for and in the name of a customer. The laws of most jurisdictions require the identity of the beneficial owner of an account to be included in the title of an account, and the use of fake names are outlawed. A numbered bank account, on the other hand, is a bank account where the identity of the account holder is not disclosed in the title of an account, and identification to effect transactions takes place using a code word or number known only by the account holder and a restricted number of bank employees, thus providing the account holder with a degree of bank privacy in their financial transactions. Numbered bank accounts are available (subject to international regulations) in some Western European countries with a long tradition of specializing in international banking using such practices, such as Switzerland and Austria. Even in those jurisdictions the account holder has to be fully identified to utilize some security features in their bank account, but there is no law that requires the bank to use the name of the holder in the title of an account.
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