I would build a table of "special identifiers" and populate it, e.g.
create table special_identifiers (
id int identity not null primary key clustered,
key varchar(10) not null unique
);
You would then perform your removal of these special ids like this in a SELECT
SELECT i.col1, i.col2,
CASE WHEN si.key IS NOT NULL then '' ELSE i.identifier END identifier
FROM Transactions i
LEFT JOIN special_identifiers si on si.key = i.identifier
This can be easily expanded if you really need to use a LIKE, such as 'xxx' anywhere in an id should remove it, e.g.
LEFT JOIN special_identifiers si on i.identifier LIKE '%' + si.key + '%'
Although I would just add the %'s into the key column itself for greater flexibility.
Finally, if you simply cannot persist the table, you can always virtually make it up, e.g.
SELECT i.col1, i.col2,
CASE WHEN si.key IS NOT NULL then '' ELSE i.identifier END identifier
FROM Transactions i
LEFT JOIN (select '1114' key UNION ALL
select '1160') si on si.key = i.identifier