Apple Cash mandates identity verification starting in October.

Apple Cash requires identity verification for transactions over $500.

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Newly introduced regulations are applicable both on new as well as old Apple Cash transactions.

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The process of identity verification involves providing your name, date of birth and social security number.

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Compliance with KYC (Know Your Customer) and AML (Anti Money Laundering) regulations is ensured by Apple Cash verification.

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It is mandatory for financial institutions to adhere to KYC and AML guidelines according to FinCEN.

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Verification process will start through the Wallet app after October 4.

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Apple customers are receiving updates regarding these changes via email.

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For instance, failure to verify your identity means you cannot use the service continuously on apple cash.

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