What It Is

• Identify the account by number or code name
• Keep the real name only on file
• Treat it as privacy, not anonymity
• Use the code in routine statements

How It Opens

• Submit a private banking application
• Clear KYC identity checks
• Pass source-of-funds and AML review
• Receive an assigned number or code name

Who Sees The Name

• Grant the client full access
• Limit it to the relationship manager
• Restrict routine staff to partial view
• Deny the public entirely

Authority Access

• Expect no casual disclosure
• Require a valid legal process
• Assume compliance systems log transfers
• Plan for international reporting rules

Myths Versus Reality

• Reject the completely anonymous claim
• Drop the criminals-only assumption
• Abandon the untraceable-transfer belief
• Forget bypassing taxes outright

Why People Use Them

• Reduce internal exposure of identity
• Protect high-profile clients from leaks
• Limit who handles sensitive details
• Keep privacy within legal bounds

What It Supports

• Hold deposits like any account
• Send and receive transfers
• Issue cards showing no name
• Access investment and portfolio services

Operational Reality

• Accept full beneficial-owner identification
• Comply with AML obligations
• Maintain linked internal records
• Disclose when law demands