A driver’s license is more than just a permit to operate a vehicle; it serves as a critical piece of identification in various financial and legal contexts. One often overlooked component is the document number, which has significant uses beyond its initial purpose.
Use in Loan or Mortgage Applications
In loan and mortgage applications, the document number on a driver’s license can function as part of the identifying details a bank records when verifying a customer’s identity under its Customer Identification Program (CIP). Federal anti–money laundering rules require banks to verify identity and keep a record describing any identification document relied upon, including any identification number contained in that document. 1Legal Information Institute. 31 CFR § 1020.220 – Customer Identification Program Requirements for Banks
Lenders use these records to confirm that identification is authentic and current and to reduce the risk of fraud during account opening. The document number may also help distinguish one physical card from a later reissued card, which supports accurate file maintenance over the life of the loan.
Relevance for ID Requirements in Stock Trading
In stock trading, broker-dealers must verify each customer’s identity as part of a written CIP and keep records that describe any identification document used, including any identification number shown on that document (for example, from a driver’s license). 2Legal Information Institute. 31 CFR § 1023.220 – Customer Identification Programs for Broker-Dealers
Separately, firms must maintain specified customer account information under self-regulatory organization rules, which supports accurate identification and supervision of accounts. 3FINRA. Rule 4512: Customer Account Information
Tax Reporting Consistency
In tax reporting, accuracy and consistency are vital for individuals and businesses alike. The document number on a driver’s license can help organizations match records when they request a copy of your ID for identity verification, which lowers the chance of mismatches or errors.
The document number can also be useful when taxpayers update personal information, such as a change of address or legal name, because it helps distinguish one physical card from another after reissuance. This reduces confusion and supports clean records across financial accounts and filings.