Numbered bank account

[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.

[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.

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.