If you send or receive money with Apple Cash, you'll soon have to verify your identity in certain circumstances.

On Thursday, Apple emailed a terms and conditions update to Apple Cash users that said starting Oct. 4 users will have to verify their identity when sending and receiving more than $500 total per week via Apple Cash. The email said this will apply to supported payment cards in your Wallet app, in addition to Apple Cash, as well as past and current transactions.

If you exceed the $500 weekly limit, you'll be asked to verify your identity by providing personal details, like your date of birth. Note that the $500 threshold is cumulative -- so if, in a week, you transfer $250 using a supported payment card and $300 with Apple Cash, you'll need to verify.

Before, Apple required users to provide some personal details for verification purposes in order to use certain Apple Cash functions. The latest policy change comes as Apple prepares to release iOS 18, and one of the new features iOS 18 brings to iPhones is called Tap to Cash.

"Continuing on our journey to replace your physical wallet, we're introducing Tap to Cash, a quick and private way to exchange Apple Cash without sharing phone numbers or email addresses," Craig Federighi, Apple's senior vice president of software engineering, said at Apple's Worldwide Developers Conference in June. "With Tap to Cash, you can pay someone back for dinner just by holding your phones together."

The new policy applies to Tap to Cash as well, limiting how much money you can send to another person using the new feature before the need to verify your identity.

For more on Apple, here's our hands-on review of the iOS 18 beta and what to know about Apple Intelligence. You can also check out these iPhone 16 design rumors.