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, changes are coming for users when it comes to identity verification.
Starting October 4, 2024, Apple Cash will require users to verify their identity for certain transactions, marking a shift in the service’s operation.
Users who have sent or received over $500, past or future, must verify their identity. This new rule applies to both new and past transactions.
Once users exceed the $500 threshold, they will be prompted to submit identification through the Wallet app. This includes providing details such as name, date of birth, and Social Security number. The verification 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.
While users may find the transition to Apple Cash cumbersome, it is a necessary adjustment in today’s increasingly regulated digital finance environment. As the October 4 deadline approaches, users should prepare to verify their identities to continue enjoying Apple Cash’s full benefits without interruptions.
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