Starting on October 4, 2024, Apple Cash will introduce new identity verification requirements for users, marking a significant change in how the service operates.
Any Apple Cash user who has conducted transactions totaling over $500, whether in the past or future, will need to complete an identity verification process. This applies to both new and existing users who cross the $500 threshold in sending or receiving funds.
Upon reaching this threshold, users will be prompted within the Wallet app to provide personal identification details, such as their full name, date of birth, and Social Security number. This step is necessary to ensure compliance with regulatory standards, specifically those set forth by the U.S. Financial Crimes Enforcement Network (FinCEN). These regulations, known as "Know Your Customer" (KYC) and anti-money laundering (AML) practices, are designed to prevent fraudulent activities, money laundering, and other financial crimes.
Apple has had identity verification guidelines available since May 2024, but users are now being notified directly via email as the implementation date approaches. While some users might find the additional steps inconvenient, this move is essential to maintaining the security and integrity of digital financial transactions in an increasingly regulated landscape.
As the October deadline approaches, Apple Cash users are encouraged to complete the verification process promptly to avoid any disruptions in their ability to use the service.
