European KYC review (Know Your Customer) Simply put, it is Amazon's review of the identity of sellers on the European site (company and company owner identity review). This is the basis of the international anti-corruption and anti-money laundering system, sellers can only pass the qualification audit, in order to sell on the European site.
KYC audit is unavoidable for European sellers, so it is recommended that sellers start preparing for KYC audit when they register their accounts. Let's look at some specific situations that may trigger a KYC audit.
1、Account registration process
Before registering your account, you need to check whether the information is prepared in accordance with the requirements, whether the information is true, and then follow the instructions of the Amazon platform to carry out KYC audit.
Tip: When registering, sellers are required to fill out company information, primary contact information (the individual who operates the account on behalf of the company), credit card information, and beneficiary information (the individual who owns 25% or more of the company). After that, most sellers can sell directly online after uploading their product data.
2、After registering, enter the seller's backstage.
After the seller enters the backstage, when the homepage displays "Your account has been deactivated", then it is entering the account review stage of the European station, and account activation is required; if it displays "Need to provide more information", then it means that the KYC review has been triggered.
When both the European account audit and the KYC audit are triggered, you need to activate the account first, and then process the KYC audit, otherwise, you cannot enter the KYC audit and the account will be suspended from sales privileges.
3、Achieve certain sales thresholds
Sellers on Amazon Europe are required to undergo a KYC audit when their cumulative sales amount reaches €5,000 and above. If you have not passed the Amazon KYC audit by the time you have reached 15,000 euros, your selling privileges will be suspended until you have passed the audit, and then Amazon will only re-open your selling privileges.
Although it will take some time for the cumulative sales to go from €5,000 to €15,000, it is possible for the seller to go through an audit during this time. However, in view of the fact that sometimes there may be some omissions in the audit information, it is recommended that you start preparing for the KYC audit at the beginning of the account registration.
4. Replacement of credit cards
When you change the credit card information you submitted when registering for an account, it may also trigger a KYC review, although the probability is less.
5、Modify the contact person and other background information.
Modification of identity cards, contact information and other back-end information will be triggered when the KYC review (add sub-accounts are also part of the information modification), the normal review takes 3 to 5 days, there are also sellers are reviewed half a month, or even longer, depending on your data information, as well as Amazon is responsible for this review of the staff is not too busy to do so.
6、Modify the collection account
Changes to the receiving account can also easily trigger Amazon KYC scrutiny.
7、Modify the company address
Some sellers registered European station has been done KYC audit, but because the business license into the abnormal list, need to change the address, in the change of address is easy to trigger the second audit, will receive Amazon's KYC audit mail.
In addition, if the seller registered successfully after the European station, the company moved, the actual business address and business license on the address is not the same, it is necessary to do is to update the address on the business license, which also belongs to the address change, prepare the information, and then wait for the back office review.
8. Account registration process
Amazon's operations are becoming more and more formalized, so audits will also be a staged state. For example, when sellers change their information, sudden increase in sales volume, abnormal operation, etc., all of these may eventually trigger a phased audit by Amazon. It is recommended that sellers prepare the relevant information before they may trigger an Amazon audit, so that when the audit is triggered, they can submit the audit information immediately to speed up the audit time.
For more information about KYC audit, please contact our dedicated account manager.
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