The numbered account is part of the bank's internal measures to limit the risks of bank secrecy violation. The management of a normal account entails risks of information leakage that certain clients are not ready to assume. A bank order passes through many hands before it is fully processed. The documents contain both the name and number of the client, and sometimes even the client's address.

All of the people who have access to these documents are obviously subject to bank secrecy. Nevertheless, there is a risk, and one that is not insignificant, of certain less scrupulous employees tempted by the price of this information on the blackmail market. How much is information about a politician's Swiss bank account or the extent of a celebrity's fortune actually worth?

The numbered account was introduced in Switzerland to avoid these very types of temptation. The account holder's name is separated from the account number. The client's banker knows his or her name and address. Once the account is opened, the banker places all the documents that contain the client's name and address in a safe. Only a handful of people have access to these documents, according to a very strict procedure: the bank manager and the appointed authorities can only request certain files designated by their number. They must record this operation in a register by indicating the file number consulted and then by signing. They can request only one file at a time.

Swiss banks do not maintain databases containing the information that could match up the client's name with the corresponding account number for numbered accounts. The only means of accessing this information is by verifying the contents of the safe. And belief us, they are very well guarded indeed.

By means of this Chinese Wall operation, the majority of the employees work on accounts without knowing who the holders are. The less the secret is shared, the less risk there is of it leaking out!

Other pages of interest:

Numbered account management