Your phone number, your ATM card, including your bank account are your digital footprints. If, for instance, you are involved in an illicit act and wish to be traced, doing so shouldn’t be hard, thanks to details provided when opening your bank account or registering your phone number. Today, tracking an individual using his bank account is easy. But there was a time when it was possible to open an anonymous account that no one could trace. If you like such an idea, you may want to know how to go about it. How do you open such account?
A few decades ago, opening an anonymous account untraceable by anyone was possible, however, today, it is impossible to open such an account because the law demands that financial institutions are fully aware of the identity of account holders.
Opening a secret account is a brilliant idea, especially if you have good intentions. This type of account can help you preserve your money from the eyes of preying government officials looking to convert your wealth to theirs, illegal seizures, and the likes. If you wish to open such account for illicit or legal reasons, it makes sense to ask if opening such an account is possible. Below I have explained what a secret account is, including the possibility of opening one.
How Can You Make $2000 a Week?
How to Open an Anonymous Account No One Can Trace?
An Anonymous bank account is one of those accounts you expect a secret agent like James bond to have. It goes by several names, including Swiss numbered account and secret bank account. For more than 100 years, the wealthy, influential individuals, and well-connected have embraced the use of anonymous accounts to do several things.
On the other side of the divide, criminals like dictators, arms dealers, and government agencies also used them. The reasons individuals embraced this clandestine account vary. For some, they wanted privacy. Others did it to hide from taxes. Some groups were eager to have an untraceable account to hide illicit activities. Others used it to conceal money from ex-husbands and wives, unhappy family members, business partners, or creditors.
But the desire to stay private and keep anonymity doesn’t have to be criminal. Many individuals have used secret bank accounts throughout history to safeguard their wealth from corrupt governments. Illegal seizures or confiscation in their home countries.
Until more than two decades ago, Swiss numbered accounts were identical to anonymous bank accounts. The bank had no idea who the ultimate beneficiary owner (UBO) was as your name wouldn’t be displayed anywhere.
Individuals would establish a company with bearer’s shares and instruct their attorney to open a corporate account for the company. And, in the twinkle of an eye, you had a secret account that isn’t connected to you. Unfortunately, that is no longer the case.
In this article, I’ll explain what an anonymous bank account is, including the possibility of opening one.
What Is an Anonymous Bank Account?
An anonymous bank account, synonymous with a numbered account, is a bank account where the identity of the account owner doesn’t exist as it is with a typical bank account. Instead, the identity is replaced with a multi-digit number or code. Also, the client’s name is only available to the client and a little group of senior staff at the bank.
Traditionally, the account holder’s name and code number were indicated on an index card; then, it would be placed in the bank’s safe, where it will be accessible to the banker and his superior. Like other normal accounts, the money in such account could either sit there and do nothing. Or it could pile up via investments. This is a choice that is up to the client.
That aside, let’s move to the interesting part of this special account bigwigs were craving for. It was the account holder’s duty to report all accounts to the proper tax authorities. If the owner failed to declare the account, it was almost impossible for tax authorities to discover that it existed. The result is that the owner wouldn’t pay taxes on the money housed in this account.
Opening an Anonymous Account: Is It Possible?
Whether it is possible to have a secret account depends on the definition of the word anonymous. It is possible to own private accounts where details are concealed, though they may be revealed when the appropriate agency inquiries. In the U.S., it is impossible to have such account because the law demands that financial institutions are fully aware of the identity of account holders.
Many years back, a truly anonymous bank account was present in some countries, such as Switzerland and Austria. These could be opened with zero ID, and the holder was presented with a booklet coupled with a codeword. These were required for all transactions, meaning the account could only be accessed in person.
Due to the set-up, local banking laws deemed anyone who had possession of the booklet and was conversant with the password the legal holder of the account. This raised the security risks linked with such accounts. It also means that if an account owner passes on and fails to leave his codeword details, the heirs wouldn’t be able to gain access to the money in the account.
How to Make $50k in a Week, and Is It Possible?
Can I Open a Bank Account Secretly?
Whether you want to hide some of your money from your in-laws, husband, parents, opening a secret account is your best bet. A secret account is a bank account hidden from your family members. But given the forceful extinction of such account, do you think opening a bank account secretly is possible.
Opening a secret bank account is possible. In fact, it is just like opening a normal bank account where you present the bank with your details, including some identification.
If you wish to open a bank account secretly, you should open one in a far away branch from your home. Also, ensure you don’t access the account from a shared device like a computer or tablet.
