Hidden Bank Accounts Services
Asset and liability discovery services can be targeted at hidden bank accounts, which may be concealed for various reasons. Forensic accounting experts are frequently brought in to discover the tell-tale signs of hidden bank account activity, which can assist with litigations or in other cases.
What are Hidden Bank Accounts Used For?
Concealed bank accounts can be used for legal and illegal purposes, but are most often established for the following reasons:
- Concealing assets from creditors or a spouse
- Concealing income and evading taxes
- Hiding evidence of financial crimes
- Providing emergency funds in the event of a crisis
Asset and liability discovery services can uncover secret bank accounts, no matter what they are used for.
How Forensic Accounting Experts Uncover Hidden Bank Accounts
Forensic accounting experts have a mix of tools and tactics they can use to uncover hidden bank accounts, including:
Account transaction analysis
Hidden bank account information is a challenge to find, but unusual account activity is a challenge to conceal. Forensic accounting experts can analyze the transaction records for all available accounts and spot activity that may suggest other bank accounts are present. For example, repeated, unexplained withdrawals may be used to funnel deposits to another account – one that’s concealed.
Living beyond one’s means is another common sign of hidden financial activity, as is a disrupted pattern of transaction activity – especially if it’s not explained. For instance, if a certain bank account was always used to make certain purchases (groceries, clothing, etc.) in the past, and these transactions stop without explanation, the purchases may be drawn from a hidden bank account.
Database searches
Forensic accounting teams, typically in conjunction with private investigators, can search various records databases to determine asset ownership – which may clue investigators into the presence of hidden bank accounts.
These searches may include court documentation and filings, business registrations, real estate records, vehicle registrations and other, sometimes restricted, databases. If asset holdings do not match the target’s financial picture, hidden bank accounts may be making up the difference.
Financial analysis
If hidden bank accounts are tied to a business entity, forensic accounting experts can analyze the company’s performance and history to identify discrepancies between the business’s top-line performance and its presented financial situation. This includes financial sheet analysis, cash flow analysis and business transaction analysis. Forensic accounting experts can also determine if hidden personal bank accounts are receiving deposits from business accounts.
Surveillance
Asset and liability discovery services are often required soon after an estate owner passes away. They are needed to accurately calculate an estate’s value, determine what creditors are owed, and to ensure the will (if one is available) is adhered to. Probate courts will also require a detailed inventory of the estate’s assets to ensure everything is passed through the court to the named beneficiaries.
Court actions
Forensic accounting teams can work with civil and criminal investigators to determine if there is reasonable cause to search for hidden bank accounts. If so, courts can subpoena the relevant parties to provide bank account information or other asset records to determine if hidden bank accounts are present.
When to Partner with Forensic Accounting Experts to Discover Hidden Bank Accounts
Forensic accounting methods can be universally applied to any case that may involve secret bank accounts. Examples include:
Marriage dissolution cases
During marriage dissolution (divorce) proceedings, a spouse may use hidden bank accounts to conceal assets and prevent equitable division between both parties. Forensic accounting methods can reveal hidden asset ownership and trace this ownership back to hidden bank accounts.
Fraud investigations
If fraud is suspected – including business fraud – forensic accounting experts can analyze the target’s access to potentially defrauded bank accounts and spot unauthorized activity. Database searches and surveillance can also identify someone benefitting from fraud.
Bankruptcy proceedings
Forensic accounting experts are regularly brought in to determine if an individual or business is concealing assets during a bankruptcy case. Unusual bank transfers and liquidation practices may be used to grow hidden bank accounts and conceal assets from creditors.
Financial crime investigations
Criminal actors use various concealment measures to maintain secrecy. Shell companies are one example, hidden bank accounts are another. Forensic accounting teams can work with investigators to track cash flows and uncover hidden interests connected to a criminally acting organization.
Discovering Hidden Bank Accounts Requires In-depth Forensic Accounting Expertise
Hidden bank accounts may be used for legitimate reasons, but more often they are part of a larger form of deception – or illegal activity. As such, people will go to extreme lengths to remain undetected.
Forensic accounting experts are aware of the tactics used to remain concealed, and they know how to detect them. It is difficult to conceal hidden bank account activity from the experts, as they can leverage records, financial analysis, transaction histories, surveillance and court actions to uncover hidden bank accounts, no matter their purpose.