Multiple sites have encountered KYC, and some sellers’ funds have been frozen!

Only European accounts will trigger KYC review? NO.

In recent times, KYC audits have spread from Europe to other sites. Sellers in multiple sites including Japan, the United States, and the United Kingdom have received KYC audit notifications. The momentum is huge, and some sellers’ funds have been frozen.

Sellers on multiple sites received KYC audit notifications

"Friends on the European site, please note that in response to the payment requirements of the European site, the recipient will conduct a KYC review of your account and address," a seller previously warned his peers.

At present, many sellers have submitted their information for half a month, but it is still under review, so much so that some sellers jokingly said, "Is the auditor on Christmas holiday?" In addition, some sellers have had their payments frozen.

The KYC audit on the European site seems normal to sellers, but after the European site, other sites were not spared. "I received the same prompt and email from Canada and the UK," said a seller, and his friend also received the same prompt on the US site, which has not been resolved yet.

The editor learned that sellers in multiple sites including Japan, the United Kingdom, the United States, Canada, etc. have reported that they have received KYC review prompts in emails and bank accounts. The prompt content is "According to the payment service provider, your bank account is awaiting 'Know Your Customer' (KYC) review. Please cooperate with your PSP to complete the required operations."

As a result, this wave of KYC audits has spread to sites such as Japan and the United States, and has also sparked a wave of discussion among sellers↓

Why is my deposit account being reviewed for no reason?

The Japanese site does not have a KYC submission and review document entrance like the European site .

Is this a disguised way of asking me to enable Amazon Global Payments?

KYC has always been European. Am I on the wrong site?

“Could it be that KYC entered the wrong site?” This is not the case. Judging from Amazon’s emails and feedback from many sellers, the KYC of the payment account has been fully launched, and the information of the bank account of the seller’s account is reviewed. There are many cases of service providers such as P and Wan.

Among them, most of the sellers received payment under the wrong name, did not bind the bank card, and submitted the bill. In addition, some sellers pointed out that the focus of this review is the payer. Most of the payers under review are anonymous or P. It is not ruled out that the entire payment platform will be reviewed in turn, and it seems that payment received by non-personal persons will be completely banned.

According to the email, payments to bank accounts that are awaiting KYC review will be withheld for 45 days from the date the email was sent . To avoid payment delays, sellers need to complete multiple steps during this period in order to continue receiving payments to bank accounts opened through PSPs.

1. Visit the PSP website where you opened your bank account or contact the PSP customer support team, complete the KYC review requested by the PSP as required, and ensure that the PSP has provided the KYC review results to Amazon.

2. Once we receive the latest information from PSP regarding the completion of the KYC review, the seller's bank account can continue to receive payments from Amazon. You can check the status of your bank account on the "Withdrawal Payment Method" page in Seller Center .

According to the email, sellers only need to follow the instructions. However, a closer look reveals that although this review appears in the background, it does not seem to have much to do with the seller. Amazon clearly states that the seller should communicate with the payee and ask the payee to provide relevant information.

The only thing that can be done in this wave of KYC review is "waiting for the third-party payment account to submit information and pass Amazon's review", which has nothing to do with the seller; the other point "the third-party payment account withdrawal bank card must be consistent with the payment account registration information" is related to the seller. Some sellers try to rebind the payment account, but it may trigger an audit.

Many sellers on other sites cannot understand why Amazon has to review deposit accounts this time as payments were processed normally before. Is it possible that Amazon is going to make major changes?

Do Amazon accounts and payment accounts need to correspond one to one?

There are many different opinions on this wave of KYC audits: some speculate that it is a system problem, while others speculate that it is a policy adjustment, but there is no definite conclusion yet. However, the solutions provided by many service providers can also show some signs↓

Don't worry about it for now, it's just a system bug;

Change the bank card binding with the same name and wait for verification;

The problematic re-binding of the bank card was gone in about 2 days;

There are also sellers who have encountered similar situations and hold different views. This wave of KYC review may be related to payment collection. According to this seller, he has been using a large account and also received a reminder from the European account that "the bank account does not meet the conditions for receiving payments."

Even though opinions vary within the industry, the words revealed by a seller also point to a problem exposed by this KYC audit: “one-to-one payment account.”

Currently, many sellers use parent-child payment accounts, which poses a relatively large risk. In addition, a seller revealed that "most of those investigated this time probably have incorrect account names and store company names," which further proves that the purpose of Amazon's multi-site KYC review may be to make major changes to the payment accounts.

To solve the KYC review problem, after some sellers contact the payment account manager, the payment platform will communicate with Amazon for registration. Finally, "some payment platforms need to cooperate with the registered sub-account to receive payments, and then allocate accounts," which means that the Amazon account and the payment account we mentioned earlier need to correspond one to one .

At present, some sellers have re-bound the bank card with the same name according to the advice of the service provider and are waiting for verification. A very small number of sellers have received emails from Amazon showing that everything has returned to normal. However, sellers also need to pay attention to one point: some sellers are frequently reviewed and reviewed again after passing.

However, in comparison, the KYC audits of other sites such as the United States are relatively light, while the KYC audits of European sites are more critical. Not only will the seller’s account be frozen, but Amazon also mentioned in the email that “sellers can switch to other payment methods accepted by Amazon for payment, such as transferring to a bank account created directly by a deposit bank or transferring to the Amazon Seller Currency Converter.”

Of course, sellers should not panic when encountering KYC audits. Some old sellers have given their experience in quickly restoring payments: delete the old payment method; rebind the new payment method, which needs to be consistent with the old payment method. In the United States, it is necessary to pass the Consumer Act separately. After the Consumer Act is passed, the payment will take effect.

In the future, sellers who have newly set up payment collection should try to use the single legal person single store payment model to avoid more problems, so as to prevent Amazon from asking the payment platform to provide information and eventually having it all blocked.

KYC

Amazon

USA