Apple Cash to Require ID Verification for Transfers Over $500

Apple has announced that starting October 4, 2024, users of the US-exclusive Apple Cash service will be required to verify their identity if they wish to send more than $500 in peer-to-peer (P2P) transfers. This Apple Cash ID verification change is part of Apple's compliance with US regulations from the Financial Crimes Enforcement Network (FinCEN).



FinCEN mandates financial institutions to implement "know your customer" (KYC) and "anti-money laundering" (AML) protocols. Apple Cash and competitors like PayPal and Venmo have required ID verification for full access to their features for some time, users could previously send smaller amounts without submitting identification.



Image by 9to5Mac.



This comes just a few days after another Apple US exclusive product, which turned five years old, the Apple Card. Developed in partnership with Goldman Sachs, the Apple Card has a no-fee structure, with no annual, international, late payment, or credit limit fees. Users benefit from a Daily Cashback program, earning 1% on all purchases, 2% on Apple Pay transactions, and 3% on Apple Store purchases.



Despite the new requirement, Apple Cash remains a simple and secure way to transfer money digitally. The service offers a digital cash card that can be used wherever Visa is accepted.



More here.