Apple Cash Identity Verification is Changing: What you need to know

Apple Cash Identity Verification is Changing: What you need to knowStarting October 4, 2024, Apple Cash will require users to verify their identities for certain transactions, marking a significant shift in how the service operates. Users who have sent or received over $500 in Apple Cash, either in the past or in the future, will have to verify their identity

Apple Cash Identity Verification is Changing: What you need to know

Starting October 4, 2024, Apple Cash will require users to verify their identities for certain transactions, marking a significant shift in how the service operates. Users who have sent or received over $500 in Apple Cash, either in the past or in the future, will have to verify their identity. This means any transaction, past or present, involving over $500 will require users to provide identification information.

This new requirement is to ensure Apple Cash complies with the Financial Crimes Enforcement Network (FinCEN)'s "Know Your Customer" (KYC) and Anti-Money Laundering (AML) regulations. FinCEN mandates that financial institutions take steps to verify customer identities to prevent fraud, money laundering, and other financial crimes.

Apple first published a support article about identity verification back in May 2024, but users are only recently receiving email notifications about the change. The new identity verification requirement will apply to all new and past transactions, meaning even if you have previously used Apple Cash to send or receive over $500, you will still need to verify your identity.

If you need to make a transaction exceeding $500, the system will prompt you to submit your identification information through the Wallet app. You will need to provide details such as your name, date of birth, and Social Security number to verify your identity.

While users may find the transition to Apple Cash cumbersome, it is a necessary step to ensure the service remains secure and compliant. As the October 4th deadline approaches, users should prepare to verify their identity as soon as possible to continue enjoying the full benefits of Apple Cash without disruption.

This change reflects the increasingly stringent regulatory trend in the digital finance environment. By implementing identity verification procedures, Apple Cash is striving to be a secure, reliable, and legitimate payment platform.