Identity verification becomes mandatory for Apple Cash users in October
Apple Cash, a popular payment service, offers a seamless experience within the iOS Messages app. However, identity verification changes are coming for users.
Starting October 4, 2024, Apple Cash will require users to verify their identity for certain transactions, marking a shift in the service’s operation.
Apple Cash users who have sent or received over $500, past or future, must verify their identity. The new rule applies to both new and past transactions.
Users who exceed the $500 threshold will be prompted to submit identification through the Wallet app, providing details like name, date of birth, and Social Security number. The process confirms identity and ensures compliance with KYC/AML regulations.
The verification process is part of Apple’s compliance with US regulations, specifically those set by the Financial Crimes Enforcement Network (FinCEN). FinCEN mandates that financial institutions adhere to “Know Your Customer” (KYC) and anti-money laundering (AML) practices to prevent fraud, money laundering, and other financial crimes.
Users may find the transition to Apple Cash cumbersome, but it’s a necessary adjustment in today’s increasingly regulated digital finance environment. As the October 4 deadline looms, users should prepare to verify their identities to continue enjoying Apple Cash’s full benefits without interruptions.
