KYC policies - Email says Apple ID will be terminated. Is this phishing?

I got the following email asking me to Verify my Apple Account Details. I'm thinking it's phishing, but wanted to be sure. Anyone know any info on this?

PLEASE SAVE THIS MESSAGE FOR YOUR RECORDS - PLEASE READ THIS MESSAGE IN FULL.

Your security means everything to us. We are contacting you today with regard to your ID ****. The Apple Privacy Policy was updated on September 17, 2014 and now requires members to update the profile information we hold on them because of changes to our Know Your Customer (KYC) policies.

We tried to contact you on 3 previous occasions to update this information before the privacy policy change on the 17th of September and had not received a response. This is the concluding e-mail before termination of your Apple ID within the next 48 hours and all associated data.

Please follow the link provided to your profile.