As an Amazon seller, the lifeblood of your business is making sure your selling account remains in good standing with Amazon. If you have to face Know Your Customer scrutiny, your business could grind to a halt. Many U.S. sellers on Amazon Europe and Canada are concerned about the Know Your Customer process, but few understand it. If you've read stories on message boards and blogs about sellers being closed due to KYC, you're probably reasonably shocked.
Why does Amazon need a KYC review?
Amazon’s laws and regulations in the regions in which it operates require that its customers (in this case, you) be vetted to ensure that you are not engaging in any of the above illegal activities. We know you're probably an ambitious entrepreneur, not a member of an international crime syndicate, but Amazon doesn't know that. For this reason, Amazon periodically requires sellers to pass KYC checks. Yes, even if you did nothing wrong or changed your account. They may periodically ask you to verify your KYC documents. The randomness that triggers KYC reviews is something Amazon is working on. But be prepared that KYC may be triggered in many cases.
What situations might trigger a KYC audit?
1. Under normal circumstances, when the cumulative sales amount of European sellers reaches 5,000 euros or more, the seller review will be triggered. It is recommended that sellers try their best to complete the review when the cumulative sales amount reaches 15,000 euros to avoid being banned.
Although it is said that sellers can review the cumulative sales from 5,000 euros to 15,000 euros, there may also be omissions in review data during this period. Therefore, it is recommended that sellers in Europe start preparing KYC review documents when registering an account. ;
2. When changing the credit card;
3. When modifying background information such as identity information and contact information;
4. When modifying the receiving account;
5. Modify the company address (such as registered address, etc.). Some sellers have already done KYC audits when they registered for the European station, but because their business licenses are included in the abnormal list, they need to change their addresses. After changing their addresses, they will trigger a second audit and receive Amazon's KYC audit emails;
6. Even if nothing is done and no information is changed, Amazon will have periodic KYC audits. Such audits will become the norm as Amazon formalizes its operations.
Amazon's KYC audit is normally 3-5 days, but there are also sellers who are audited for half a month, a month or even longer, depending on whether your information is passed. The suggestion is to prepare the materials required for the audit before performing operations that may trigger the Amazon KYC audit. Once the audit is triggered, the materials can be submitted immediately. And as long as the company information is complete, KYC is easy to pass.
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