Sources
Loading...
Additional media
Loading...
DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
Apple is set to implement identity verification for its Apple Cash service starting October 4, 2024. Users will need to submit their ID for verification to use the service, particularly for peer-to-peer transfers exceeding $500. Apple Cash, integrated within the iOS Messages app, aims to enhance security and compliance with regulatory standards. The move follows an enforcement action against Apple's partner, Green Dot, by the Federal Reserve Board, which included issues related to the Bank Secrecy Act and Anti-Money Laundering regulations.
Apple will begin requiring KYC for P2P transfers that total over $500. Apple partners with Green Dot, which recently was hit with an enforcement action (including BSA/AML issues) by the Federal Reserve Board. https://t.co/IC2WKkMIJe
Apple to Require Identity Verification for Sending $500+ in Apple Cash Starting in October https://t.co/INO1ByFY9K https://t.co/8xSD4Sck4o
Apple Cash, a popular payment service, offers a seamless experience within the iOS Messages app. However, identity verification changes are coming for users. https://t.co/vfBeNTDNmS