Offshore Numbered Accounts

Numbered accounts (or pseudonymous accounts, which are the same but are known by codewords instead of numbers) are not all that different from normal bank accounts.

The main difference? Usual account records, such as statements and what regular bank staff can see in their computers, omit reference to the customer's name or other identifying information, replacing it with a code number or the pseudonym.

The relationship between the code number or pseudonym and the actual customer is known only to a few senior managers within the bank.

It is important to emphasize that under AML *anti money laundering) laws the bank has an obligation to know the true identity of both the account holder and its beneficial owner. There is no such thing as an anonymous account.

Typically the way numbered offshore bank accounts work these days is that you will have a numbered account and a regular account in the same bank. Numbered accounts cannot be used for regular transactions such as wire transfers or checking. So when you want to make a deposit or withdrawal, your private banker will personally carry out a cash transaction at the counter between the two accounts. In the accounting records, the transaction will appear on your personal account as a cash deposit or withdrawal, so there will be no direct link to your numbered account.

Of course, within reason and subject to normal limits, you can carry out cash transactions directly on the numbered account.