Numbered accounts financial definition of numbered accounts
numbered account (redirected from numbered accounts)
Also found in: Dictionary
A bank account
in which the owner is identified by a number instead of a name. Numbered accounts are used for discretion, and have a reputation of protecting money launderers and other criminals. Until recently, numbered accounts were almost exclusively used in the Swiss banking
An account identified by something other than the owner's name.
References in periodicals archive
Yes, you can have a numbered account
here and there is a lot of excitement about it but at the end of the day, the procedure to open a numbered account
is exactly the same as for any other type of account.
Rafael Trujillo, for example, made off with an estimated $140 million from the Dominican Republic; Juan Peron stuffed at least $140 million into Swiss accounts: Haile Selassie's legendary $6 billion hoard may be grossly exaggerated, but he was still able to withdraw $600 million from his own accounts to help finance Ethiopia's war with Somalia: the Shah of Iran and Mobuto Sese Seko of Zaire managed to expatriate huge amounts of cash to numbered accounts
While many employees of a bank have access to customer data in general, such access is restricted for numbered accounts.
Are numbered accounts loopholes for criminals to hide illegally obtained fund?