Apple Cash users will need to subject themselves to a stringent identity verification process when October comes.
Beginning October 4, all Apple Cash users will be required to verify themselves in certain transactions by submitting data like SSN, date of birth, and name via the Wallet app in the $500 and up tier. Users who have received or sent above the $500 mark, whether in the past or future will need to verify their identity on all past and new transactions to ensure KYC/AML compliance.
The change comes as part of Apple agreeing to US regulations set by the Financial Crimes Enforcement Network. The firm has mandated anti-money laundering and know-your-customer practices in order to stop financial crimes such as money laundering and fraud. Apple’s support article has the ID verification since May, but it’s only now that emails are being sent to the customers.
