Anonymous Bank Account

FATF
This stands for the Financial Action Task Force. It is a private organization that sort of regulates banks internationally. FATF has the ability to blacklist a bank thus preventing the other banks from transacting wires and checks with this blacklisted bank. FATF does not allow anonymous bank accounts.

Know Your Customer Rules for Banks
Since 9/11 the know your customer rules for banks have been tightened. If a bank does not follow the rules they will be blacklisted. In all countries the bank must establish the identity of the customer. This is generally accomplished through identity documents and reference letters from banks, attorneys, accountants, or businesses. In some countries the bank is required to establish the domicile of the individual and collect utility bill statements to see where the client actually is living. Panama banks do not collect utility bills on clients.

Bank Secrecy
If you bank in a good bank secrecy country like Panama the bank will know who you are but will not be able to share this information except under order from a judge in the country where the bank is. This is the big offset for the know your customer rules.

Anonymous Bank Accounts Summary
Such accounts no longer exist. They have been done away with years ago and it is not likely to see them return. The best you can do is open a bank account using an anonymous Panama bearer share corporation in a country like Panama that has strict bank secrecy.

Smythe Bradley is an expat living in The Republic of Panama. He has published many articles on offshore asset protection in panama, panama visas and residency, as well as many other expat issues.

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