Under the Anti-Money Laundering Law, which type of account is not prohibited?

• A. Numbered accounts
• B. Non-checking numbered accounts
• C. Anonymous accounts
• D. Fictitious accounts

Answer: (B)

Under the AML framework, the focus is on knowing who owns and controls an account and preventing anonymity that could hide illicit activity. A non-checking numbered account fits this requirement because the bank can identify and verify the owner on file, even though the account uses a number for identification and cannot issue checks. This means the account is a legitimate, monitored banking product as long as KYC and reporting rules are followed. In contrast, anonymous accounts conceal the owner's identity, and fictitious accounts have no real owner or entity, both of which AML laws prohibit. So a non-checking numbered account is allowed because it maintains identifiable ownership while not enabling check-based transactions, aligning with the goal of traceability and transparency.