Recently, KYC audits have swept several Amazon marketplaces, not only in Europe, but also in Japan, the United States, the United Kingdom, and more. Sellers reported receiving KYC review notices, and some of them even encountered the freezing of funds.
Some sellers have reported that the KYC review prompts of many sites come from payment service providers, requiring the completion of KYC review. It is reported that because the review involves bank account information, the seller must complete a series of operations to ensure the normal receipt of payment, and it is said that during this review period, the store's funds will be withheld for up to 45 days.
1. What is KYC?KYC (Know Your Customer) is an identity verification and compliance program designed to identify and verify the identity and qualifications of users on the Amazon platform. Through KYC, Amazon is able to verify the identity information of sellers and buyers, ensuring the authenticity and trustworthiness of both parties to the transaction.
2. Frequent KYC multi-site audits
In addition to Japan, there are also sellers in the United Kingdom, Canada, the United States and other sites who have reported receiving KYC review notices for bank accounts:
Seller 1: "The background of our US station also received such a prompt, and we dare not move, and we are contacting a third-party payment service provider".
Seller 2: "We have received this email in the background of our UK station and Canada station, and I don't know what to do".
Seller 3: "It has not been solved yet, and the backstage of the Japanese station has also received such a prompt".
At present, KYC cases abound on receiving accounts, and if your account is also in the following situations, you must pay attention.
1. The account is collected in the wrong name
2. The bank card is not bound to the collection
Judging from Amazon's email and the feedback of many sellers, the KYC of the collection account has been fully launched, and the information review is for the bank account of the seller's account.
3. How should sellers avoid risks:
Although some people speculate that this menacing KYC audit is a system problem, and some people think that it is a policy adjustment, there is no definite conclusion yet. However, according to the analysis of sellers who have encountered similar situations, this wave of KYC audits may be related to the connection of collections.
The information revealed by a seller also pointed out the core problem of this KYC audit - "one-to-one collection account". At present, many sellers use the child-parent collection account, which has certain hidden dangers.
In response to Amazon's KYC review, here are some suggestions for sellers' reference:
1. Update the collection information: delete the old payment method and re-bind the new payment method. Make sure that the new payout method matches the old one.
2. Timely communication: Once you receive the KYC review notice, you should immediately contact the third-party collection service provider to ensure that the review process can be completed quickly.
3. Update bank card information: If you encounter problems in the background operation, you can try to update or rebind the bank card information.
4. Cooperate with sub-account registration: Some payment collection platforms may require sellers to register sub-accounts to collect payments. In this case, sellers need to cooperate with them to complete the registration of sub-accounts and carry out the necessary account migration to meet Amazon's requirements.
In order to avoid more problems that may arise in the future, it is recommended that sellers who are newly bound to collect money try to adopt the mode of single-person and single-store collection. This not only avoids Amazon's request for information from the collection platform, but also avoids the risk of the store being blocked due to incomplete or non-compliant information.