What essential document must customers provide under the Customer Identification Plan (CIP)?

Under the Customer Identification Plan (CIP), the essential document that customers must provide is an identification number. This requirement is part of the regulatory framework established to verify the identity of individuals opening accounts in order to prevent money laundering, fraud, and other illicit activities. The identification number typically refers to a Social Security number for U.S. citizens or a taxpayer identification number for non-U.S. citizens, which serves as a unique identifier for the purpose of tracking financial activities.

While a Social Security number is a form of identification number, the question specifically emphasizes the broader category of identification numbers, which aligns with the CIP guidelines. Other documents like bank statements or utility bills may be used to verify the address or additional identification but do not serve as the primary required document for identity verification as stipulated by the CIP.