KYC is the abbreviation of Know Your Customer, which means “know your customer” in Chinese. The so-called KYC audit refers to the enhanced review of account holders, requiring financial institutions to implement the real-name system for accounts, understand the actual controller of the account and the actual beneficiary of the transaction, and also require a full understanding of the customer’s identity, permanent address, etc. KYC policy is the basis for anti-money laundering and prevention of corruption. Amazon’s KYC audit is an identity audit of sellers who open stores on the European site in accordance with the requirements of relevant European regulatory agencies.
Amazon KYC Audit Relevant Regulations
For sellers selling on the European site, KYC audit is a necessary step. Generally speaking, when the seller’s cumulative sales amount reaches 5,000 euros or more, Amazon will begin to require the seller to conduct an audit. The seller’s account can only continue to sell on the European platform after passing the audit of the Amazon European Station Verification Team. For new sellers, it takes some time for the cumulative sales amount to reach the amount required by the platform, but it is recommended that you prepare for the KYC audit at the beginning of account registration. You can fill in the relevant information truthfully through the seller’s backend and upload the required documents as required