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This is how we work against fraud linked to exports

7 marraskuu, 2023

As international purchasing power grows, and more used cars are exported from Sweden, the risk of the cars being used for money laundering increases. But as an actor on the used market, we can do our part to reduce the risk - here we present the routines we use at Kvdbil.

Currently, almost every fourth car sold on kvd.se goes abroad. A weak krona means that more and more international buyers turn to the Swedish used market, something that we see creates an even greater demand for used cars and thus has also contributed to an increased price picture.

But, along with this also come challenges. Cars are capital goods and the risks of money laundering increase when the cars are taken beyond Sweden's borders.

Kvdbil does this to prevent used cars from being used for money laundering

"I feel confident that we are doing what we can to prevent fraud. We follow the Swedish Tax Agency's recommendations to the letter and have an export department that keeps an extra eye on the transactions," says Kvdbil's sales manager Daniel Odsberg.

And in the very department that Daniel is referring to, Jessica works there. She helps on a daily basis with administration and transport solutions for customers who want to export a car outside Sweden's borders. We had a chat with her to hear how we work and what routines we have in place to reduce the risk of fraud.

Jessica Hvenfelt guides us to the steps and routines we have at Kvdbil:

1. We do not accept cash

It is not possible to pay in cash for a car you buy on kvd.se.

2. We check our customers and the transactions made from abroad

We have clear procedures for checking sellers and the cars that are sold. Our export department takes care of all administration connected to exports and checks that the car lands at the buyer's place. But also that it is the buyer who actually pays for the car.

How we check the seller/submitted car: We check the seller and the submitted car, among other things, by submitting the registration certificate together with the car. We also carry out an identity check so we know that it is the seller who is handing in the car, otherwise a signed power of attorney is required.

We have requirements for the car - if, for example, there is no complete history, if we find unclear remarks during the test or if the car has had an abnormally large number of owners in the last year, we refuse the customer to sell through us.

This is how we check the buying customer: In order for the customer to be able to buy the car VAT-free, there must be a valid VAT number and a registered company, together with a payment document for the car (if the customer buys the car for export within the EU) . However, private individuals can buy a car VAT-free if they are outside the EU. The customer always pays us a deposit corresponding to the VAT, which is only refunded when the buyer has sent in written documentation showing that the car has left Sweden and reached the buyer.

When reimbursing the deposit, we require documentation of the payment that shows who paid in and paid in and from which account number. We only refund the deposit to the same account.

In the few cases where we receive the payment from a country other than the country the car is to be exported to or that it is not the buyer who paid, we request documentation showing how it is that someone else is paying for a purchased car . For example, basis for a loan from another party. At the slightest suspicion of irregularities, the customer or bidder is barred from future purchases. This is not a common occurrence, estimated to be 1-2 customers per year.

3. We block customers where there is the slightest suspicion of irregularities

We take the safe before the uncertain. In addition, we at Kvdbil will, starting in 2024, be covered by a directive called DAC 7 information exchange between EU countries regarding digital platforms. According to the directive, we are a platform operator and will have to report information about our sellers and their remuneration to the Swedish Tax Agency. The directive is added to enable tax authorities in individual countries within the EU to identify situations where tax must be paid and also to counter money laundering.

Read more: How to export through Kvdbil

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