Wednesday, May 22, 2019

Banks to stop numbered accounts. Move aims to maintain ties with correspondents


The Association of Banks (ABL) said its board of directors has decided to recommend that member banks stop opening new numbered bank accounts for their customers and to close existing ones as soon as possible.

The identity of the holder of a numbered account is kept anonymous by using a number instead of the holder's name in the statement of account and in transaction histories. Only a few select bank employees know the customer's name.

The decision, which follows a visit to the Un...

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