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In the blink of an eye, the 2023 calendar has been torn to the last 5 pages. Looking back on this turbulent and extraordinary year, from the frequent rectification of front-end mechanisms to back-end rules, from account review to strict brand inspections, the industry has been constantly undergoing changes and reshuffles, and the orders of Amazon sellers have also fluctuated accordingly. Just a few days ago, it was learned that Amazon's risk control measures have been upgraded again, and the target seems to be directed at the payment accounts again. According to the requirements of relevant European regulatory agencies, sellers on Amazon's European sites (UK, France, Germany, etc.) need to undergo and pass KYC (Know Your Customer) audits if they want to sell normally on Amazon. Since KYC audits are relatively strict, if an audit fails once, the account is likely to be greatly affected, so many European sellers are troubled by this. It is worth noting that according to recent feedback from sellers, KYC audits seem to be showing signs of expanding to other sites. It is learned that recently, many sellers reported that they received KYC audit reminders: the relevant bank accounts are waiting for KYC audits, and sellers need to cooperate with PSP (full name: "Payment Service Provider") to complete the required operations. ▲ The picture comes from Zhiwubuyan It is worth noting that in addition to the European site, many Amazon sellers in the United States, Canada, Japan and other sites have also received KYC audit reminders. Due to its wide impact, this KYC audit has also aroused heated discussions among cross-border sellers: “Does KYC really apply to even US payment accounts?” “A bunch of accounts triggered this KYC. Could it be that they want us to use Amazon’s local payment service?” "I guess they are checking the accounts where payments are received again." ▲ The picture comes from the seller communication group In addition to some sellers who were shocked that sites outside of Europe would also trigger KYC audits, some sellers speculated based on Amazon's emails that this might be because Amazon was strictly checking the payment accounts and there was a problem with the payment account of the bound payment service provider. Based on the feedback from relevant sellers , there are two main types of accounts that trigger KYC review: From this point of view, the sellers' speculation that Amazon is strictly checking payment accounts does not seem to be groundless. It is learned that as early as August this year, when a large number of new stores were scanned, some sellers had pointed out that Amazon is tightening the review of payment accounts and strictly checking the correspondence between store legal persons and payment accounts. In response to this large-scale KYC review incident, some European sellers have also received relevant notification emails from Amazon: payments to bank accounts that trigger KYC reviews will be withheld for 45 days, and KYC reviews must be completed before receiving payments from Amazon. ▲ The picture comes from the seller communication group According to Amazon's email, to avoid payment delays, sellers must complete the following actions within 45 days of receiving the email: 1. Visit the website of the PSP where you opened your bank account or contact the PSP’s customer support team, follow the relevant instructions to complete the KYC review requested by the PSP, and ensure that the PSP has provided Amazon with the KYC review results; 2. After Amazon receives the latest information from PSP regarding the completion of the KYC review, the seller's bank account can continue to receive payments from Amazon. ▲ The picture comes from the seller communication group Key point: Sellers need to contact the payment service provider and ask them to provide Amazon with the KYC review results. According to Amazon's email, some sellers proposed a solution to the KYC audit: contact the customer manager of the payment account and let the payment platform communicate with Amazon to handle the matter. Some payment platforms need to cooperate with the registered sub-account to receive payments, and then allocate (migrate) the account, that is, "Amazon accounts must correspond one-to-one with payment accounts."
As of press time, most sellers' accounts are still in the "waiting for verification" status, but a small number of sellers have re-bound bank cards with the same name as suggested, and their accounts have returned to normal.
Based on this, many sellers speculated that the cause of this KYC review was the correspondence problem between the Amazon account and the payment account.
However, it is worth noting that after the KYC review was triggered at non-European sites such as the United States and Canada, the investment managers were quickly consulted, but several investment managers said they were unaware of this and had not received any internal notifications. Therefore, the reasons why other non-European sites such as the United States and Canada trigger KYC audits are currently unknown. The above speculation that "Amazon is strictly checking payment accounts" can only be used as a reference.
But there is no doubt that Amazon has once again sent out a signal of improving supervision and strengthening risk control. Here, we also remind all sellers to operate in compliance and try to ensure "one-to-one payment", that is, the holder of the payment account and the legal person information of each store are consistent, so as to reduce the risk factor of store accidents. I wonder if you have encountered similar situations recently? Welcome to discuss in the comment area~
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