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Apple to Require Identity Verification for Sending $500+ in Apple Cash Starting in October
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So that is finally starting next year? I hate it so much. The government is not entitled to taxes on what I pay people back. And yes, I pay people back well more than $600/yr, typically a few thousand. This is gonna be a huge PITA. Cash was never tracked like this. If they're going to track us this closely, then they need to do like Sweden and just send me a tax bill to sign off on each year so I don't have to waste all that time filing myself. Otherwise we are getting the worst of both worlds: They know every single dime going in and out of our accounts, while making us also account for it separately, and if it doesn't match then we get in trouble. It's so stupid.
Completely reasonable, and vastly better than the way Zelle handles this: you have some limit around $500, but the only way to find out what it is is to try and send more than that and have it reject the transaction, and the only apparent way around it is to send the same person a bunch of money over a period of a few months. Eventually the invisible limit changes.
I’ve run into Zelle’s stupidity with two different tenants just trying to pay their rent. Yes, it’s reasonable to not let people send a bunch of money without some verification; being both told what the limit is and what you need to do to get around it is how it should work.
I’ve run into Zelle’s stupidity with two different tenants just trying to pay their rent. Yes, it’s reasonable to not let people send a bunch of money without some verification; being both told what the limit is and what you need to do to get around it is how it should work.
I think you're describing the US dollar. Do you own research. don't parrot what the Gov (Cough Elizabeth Warrren Cough) says.
I couldn't pick Elizabeth Warren out of a crowd, nor do I care what anyone in the government thinks about such things. Proof-of-work crypto is just irresponsible.
My info is my from own research, and from someone who mined BTC back when you could only use it buy Llama socks and Pizza. Thank you.
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Don't understand the American tax system, I've seen the Simpsons episode and it seems you all have to fill in and file taxes every year accounting for every penny (cent), how many kids, expenses everything, Nothing like that here, if you have a wage you never see a tax form, never even to sign it off, your employer does PAYE (pay as you earn) and that's it, unless you have a hobby which you earn money from, then you would need to do a self assessment, or if you were self employed, but the majority of people never see or hear from the HMRC. The American system is very odd to me.
I’ve worked in banking and financial regulatory compliance for many years. I’m surprised this wasn’t a requirement from the jump like it is for most other financial services. KYC (know your customer), CIP (customer identification program), AML (anti money laundering), SAR (suspicious activity reporting), fraud detection and deterrence, scams, and yes, taxes.
Because what your face looks like isn’t the same thing as your legal identity and because the faceid data does not and should not leave your device.
You’re thinking of a CTR currency transaction report. KYC is a basic requirement just to open most deposit accounts.
I see. So are the biometric (uploading ID) Apple is receiving data that they could send to the government if the government demands?
I’m sorry you’ve been terribly misinformed. Your talking points are similar to Mrs Warren. Bitcoin has the opportunity to bring economic equality to everyone and the world. The “bad for the environment” argument is misguided. Bitcoin miners have shown to capture things like off gas from oil drilling and utilize it for their miners. El Salvador mines with geothermal energy from a volcano. There are many such cases of bitcoin miners using these otherwise wasted energy sources. Also the US dollar (in the form of cash) has funded many terrorists groups (such Al Qeda (spell check)), and is the preferred method of transaction for drug deals and money laundering. Bitcoin transactions are easily traceable on the blockchain. Once again I am sorry but you are misinformed
You forgot the main use case for crypto overall - scamming people out, so the cryptobros can end up with other people's real money in the end.
No, being verified once to access the higher limits already existed ever since Apple Cash launched. This does seem to be a new per transaction id verification in addition to the one that always existed.
You’re the one who will need to verify your id to send them money, not them. I didn’t read anywhere that the recipient will need to verify id. That’d completely kill the Apple Cash Family feature.
But you have certain restrictions (i.e., much lower transaction limits). Unless you verify your identity by at least providing your SSN and an address (so far they don’t always request a photo id during the identity verification process), you don’t get full access to Apple Cash.
Nope. The first time they may ask for a fair amount of information, but you only need to re-verify occasionally (based in part on your usage):
Verify your identity for Apple Card or Apple Cash - Apple Support
To protect your account, you might be asked to verify your identity when using Apple Cash or applying for Apple Card.
Nope. The first time they may ask for a fair amount of information, but you only need to re-verify occasionally (based in part on your usage):
Verify your identity for Apple Card or Apple Cash - Apple Support
To protect your account, you might be asked to verify your identity when using Apple Cash or applying for Apple Card.support.apple.com
That’s how it’s been until now, but apparently they’re about to start doing it per transaction according to macrumors’ article.
Apple support (linked above) article specifically mentions the $500 transaction limit and only occasional re-verification.