In-depth analysis of Amazon Europe’s KYC review process and compliance strategy
In Europe, as a global e-commerce platform, Amazon’s KYC (Know Your Customer) review process is crucial for sellers. The KYC review not only involves the triggering condition when the payment amount is close to 15,000 euros, but also includes scenarios such as changing key store information. At the same time, Amazon also requires sellers to truthfully fill in relevant information through the seller’s backend when registering and after registration, and upload required documents as required. This article will integrate the contents of multiple articles and provide an in-depth discussion of Amazon’s KYC review process and its compliance strategies.
KYC audit triggering conditions
1. The amount collected is close to 15,000 euros
Once the seller’s store account in Europe receives a payment close to 15,000 euros, a KYC review will be triggered. This means that during the sales process, when the payment amount gradually approaches this threshold, the seller must submit information to pass the KYC review. Although the products in the store can still be sold normally, the KYC review must be completed before the payment amount reaches 15,000 euros, otherwise the store will face the risk of being restricted from selling.
2. Change key store information
Any modification of key store information may trigger KYC review. This includes changes to credit card information, beneficiary information, etc. Once the seller makes modifications to these key information in the background, the review should be completed as soon as possible in accordance with Amazon’s requirements. Otherwise, the store will face the risk of being restricted from sales until the review is approved.
3. KYC review after store registration is completed
In rare cases, a KYC review will be required after the store registration is completed. If this happens, the seller must complete the review as required by Amazon as soon as possible before proceeding with subsequent sales.
KYC audit information
KYC review information generally includes contact information, personal bills, bank statements, authorization letters, and daily expense bills.
Contact information
The seller needs to provide the identity documents of the company’s primary contact person and beneficiary (the beneficiary refers to the natural person or legal person who holds equal to or more than 25% of the company’s shares), such as a scanned copy of the passport or the front and back of the ID card plus the household registration booklet. Page.
Personal bill
The personal expense bills of the primary contact and the beneficiary mainly include any daily expense bill in the past 90 days, including water, electricity, gas, Internet, television, telephone, mobile phone, etc. bills or credit card statements; bills The name and detailed residential address of the family are required.
Bank statement
Bank statements refer to the company’s public bank statements. The company name on the bill must be consistent with the company name on the business license, and must have the bank name and logo; it must have a bank account number at the bank where the account is opened; if there is a date on the bill, it must be within one year from the date of issuance. No date is also acceptable. ; Individual sellers provide personal bank statements, the requirements are the same as above.
Authorization letter
If the primary contact is not a legal person or beneficiary, Amazon will require the seller to provide an authorization letter from the legal person authorizing the primary contact to actually operate the account.
Daily expense bill
For sellers registered in the Hong Kong Special Administrative Region of China and Taiwan, China, Amazon requires the seller to provide a company daily expense bill (including water, electricity, gas, Internet, etc.), and the company name and address should match the business license/commercial Registration certificate remains consistent.
KYC audit compliance policy
Sellers should pay attention to the accuracy of the company name, the authenticity of the information, and the number of submissions of the information when conducting KYC audits.
Accuracy of company name
The company names all use Chinese pinyin to ensure accuracy. For Hong Kong companies, fill in the English name of the company on the registration certificate. Sellers must not translate an English name that sounds similar to Chinese by themselves, as Amazon will not recognize its validity.
Authenticity of information
If the company has several beneficiaries, fill in the actual number of beneficiaries, and then submit the corresponding personal bills and information. In addition, when sellers submit review information, they must not modify it, even if they combine the front and back of the ID card into one picture, because Amazon will never recognize any information with even a trace of modification.
Number of data submissions
KYC review allows submission of information multiple times. Many sellers do not know whether their information meets the requirements, so they submit it repeatedly. It is recommended not to do this as much as possible, and be sure to submit relevant information while ensuring it is correct. For companies with more than three shareholders, you need to be more careful when submitting information. If you fail to pass the review at one time, the possibility of the account being affected is very high.
Conclusion
To sum up, KYC review is crucial for sellers selling products on Amazon Europe. Whether the payment amount is close to 15,000 euros or key store information is changed, the review process may be triggered. Understanding these audit triggering conditions and completing the audit in a timely manner in accordance with Amazon’s requirements are key steps to ensure the normal operation of the store. In addition, ensuring the authenticity and accuracy of the information is also an important factor in successfully completing the KYC review.