KYC Origin

KYC, short for Know your customer, is derived from the Anti-Money Laundering Law of foreign countries. It is the institutional basis for anti-money laundering (AML anti-money laundering) and corruption prevention. Generally, KYC policies not only require financial institutions and enterprises to implement real-name account systems and understand the actual controllers of accounts and the actual beneficiaries of transactions, but also require full understanding of the identity, permanent address or business of the customer and take corresponding measures.

Amazon Mail

Triggering audit factors

1. Generally speaking, when the cumulative sales amount of sellers on the European site reaches 5,000 euros or more, sellers are required to undergo KYC review. It is recommended that sellers complete the review when the cumulative sales amount reaches 15,000 euros to avoid being blocked. Although sellers can undergo review during the period from 5,000 euros to 15,000 euros, there may be omissions in the review materials during this period, so it is recommended that sellers on the European site prepare for KYC review when registering an account.

2. Change credit card;

3. Modify background information such as identity information and contact information;

4. Modify the receiving account;

5. Modify the company address (such as registered address, etc.); some sellers have done KYC audit when registering in the European site, but because the business license is included in the abnormal list, the address needs to be changed. After he changed the address, a second audit was triggered and he received a KYC audit email from Amazon;

6. Even if you do nothing and do not change your information, Amazon will still have periodic KYC audits. As mentioned earlier, this type of audit will become a normal practice as Amazon becomes more regular.

KYC significance

The purpose of KYC audit is to protect the rights and interests of customers.

KYC review time limit

For European accounts, KYC audit is a necessary step for the account. Generally, when the seller's cumulative sales amount reaches 5,000 euros or more, the seller is required to audit. Here, it is recommended that you try to complete the audit when the cumulative sales amount reaches 15,000 euros, otherwise there is a risk of account suspension. Although it will take some time for the cumulative sales to increase from 5,000 euros to 15,000 euros, the seller can go for the audit during this time. However, given that sometimes there may be some omissions in the audit materials, it is still recommended that you prepare for the KYC audit at the beginning of account registration (you can ask the investment manager to help you trigger it).

Information required for KYC review

1. Scanned copy of the company's business license.

(Individual sellers do not need to provide)

2. The company's primary contact person and beneficiary

(The beneficiary refers to a natural person or legal person who holds a stake equal to or greater than 25% in the company) identification document, such as a passport scan or the front and back of the identity card plus the personal page of the household registration booklet.

3. Personal expense bills of the primary contact and beneficiary

Any daily expense bill within the last 90 days (including water, electricity, gas, internet, TV, telephone, mobile phone, etc. or credit card statement, etc.; the bill must include your name and detailed home address)

4. Company's public bank statement

The company name must be consistent with the company name on the business license; it must have a bank name and logo; it must have a bank account number at the bank where the account is opened; if the bill has a date, it must be within one year from the date of issuance; no date is also acceptable; individual sellers must provide personal bank statements, with the same requirements as above.

5. Authorization letter

If the primary contact is not the legal person or beneficiary of the company, Amazon will require the seller to provide an authorization letter from the legal person of the company authorizing the primary contact to actually operate the account.

6. Company daily expense bill

For sellers registered in Hong Kong and Taiwan (mainland companies do not need to provide it), Amazon requires sellers to provide a company daily expense bill, the requirements are the same as point 2, and the company name and address should be consistent with the business license/commercial registration certificate.

KYC Review Process

Step 1: Fill in the seller's backend information

Step 2: Submit information

Step 3: Check whether the information filled in meets the requirements and whether the submitted materials meet the requirements

Step 4:

A. Meet the requirements and pass the review;

B. (1) If you do not meet the requirements at the same time, please re-enter the information or submit the materials for review.

(2) Meet the requirements and pass the review

Things to note when filling out KYC

1. The company name should be in Chinese pinyin to ensure accuracy. Hong Kong companies should fill in the English name of the company on the registration certificate. Do not translate an English name that sounds similar to Chinese by yourself, as Amazon will not recognize it.

2. If the company has several beneficiaries, you need to fill in the number of beneficiaries truthfully (beneficiaries generally refer to those with shares greater than 25%), and then submit the corresponding personal bills and information.

3. KYC audit allows multiple submissions of information. Many sellers do not know whether their information is acceptable, so they submit repeatedly. Here we recommend that you try not to do this. If possible, it is best to ask the investment manager or experienced sellers to help check and review it first, and submit it only after ensuring that it is correct. For company information with more than three shareholders, you need to be more cautious when submitting information. If you fail to pass the audit once, the possibility of affecting your account will be very high.

4. When submitting documents for review, you must not use Photoshop, even if you put the front and back of your ID card on one picture. Amazon will never approve any documents with even the slightest trace of photo editing. It is recommended that you combine multiple pages of documents or pictures into a PDF before submitting the documents.

5. Each input box: The company registration address must not exceed 50 characters per line, and other addresses must not exceed 60 characters per line, including spaces and punctuation marks.

6. Submit only after confirmation. Try not to submit multiple times. If it fails the review once, it is very likely to affect your account.

7. The most important point is that the information must be true. However, if you fill in the wrong information during the registration process, you can modify it as long as you can submit the supporting documents.

8. About the payment account information. Amazon Europe is divided into 5 sites, namely the UK, Germany, France, Italy, and Spain. It is recommended that sellers ensure that all the information in the backend is correct before binding the payment account. In addition, it is recommended to add all the deposit methods of the 5 sites at once to avoid re-entering the KYC review process when adding them later.

9. Credit card: Please make sure to enter valid international credit card information. Please also make sure that the foreign currency account of this credit card has been opened and the credit limit is available.

References

• 1. How to pass KYC quickly and fill in the form: sellergrowth [reference date 2018-03-05T16:00:00.000Z]
• 2. How to handle the KYC audit of Amazon Europe? : Sohu [cited on 2018-12-13T16:00:00.000Z]