Detailed explanation of Amazon Europe KYC review: process, conditions and precautions

KYC (Know Your Customer) is a measure designed to strengthen the scrutiny of account holders. It requires financial institutions to implement a real-name system for accounts and have an in-depth understanding of the actual controller of the account and the actual beneficiary of the transaction, as well as a comprehensive understanding of the customer’s identity, permanent address and other information. This policy is the basis for anti-money laundering and prevention of corruption. Amazon’s KYC review is based on the requirements of relevant European regulatory agencies and conducts identity reviews on sellers who open stores on European sites.

Conditions that trigger KYC review

For sellers selling on Amazon Europe, when their cumulative sales amount reaches 5,000 euros and above, a KYC review will be triggered. In addition, if the seller changes the address information, legal person information, contact information or payment method, it may also trigger an review. Especially when changing payment information, KYC is more likely to be triggered.

Information required for KYC review

In order to successfully pass the KYC review, sellers need to prepare the following materials:

1. Scan copy of company business license
2. Proof of identity of the company’s main contact and beneficiary (a natural or legal person holding 25% or more of the company’s shares)
3. Personal expense bills for primary contact and beneficiary (within the last 90 days)
4. Company bank statement (The company name must be consistent with the business license, and the statement date must be within one year)
5. Letter of authorization (If the main contact person is not a legal person or beneficiary, proof of operation authorized by the legal person is required)
6. Company daily expense bill (only for sellers registered in Hong Kong and Taiwan, mainland companies do not need to provide it)

Notes

• Avoid submitting false information: All submitted information must be true and valid. Do not try to pass the review by modifying pictures or other methods.
• Submit information promptly: Submit information within 14 days after receiving the KYC review notice, otherwise you may face the risk of account freezing.

For sellers who plan to operate in Europe for a long time, it is recommended to prepare various documents required for KYC review from the early stage of account registration. This not only ensures a quick response when an audit is triggered, but is also one of the important steps to ensure compliant store operations.

Through the above introduction, I hope that all sellers can better understand the KYC review mechanism of Amazon Europe, and be compliant and legal in future business activities, thereby promoting the stable development of the store.