Money Laundering

Due to the implementation of the Money Laundering Act, real estate brokers are obliged to determine the identity of the buyer and the seller, irrespective to their contractual basis. Real estate agents within the meaning of the GwG is any natural or legal person who commercially arranges the purchase or sale of real estate (built / unbuilt land and equal rights).

We, at Blackbird, understand ourselves as an advisor of only one contracting party, but nevertheless we fall under this definition. Thus, we are also obliged to have ID cards, HR statements, shareholder lists, etc. of both sales contract parties, completely copied and/or have to produce respectively have record them completely optically. Furthermore, we must examine whether the contracting parties act in their own economic interest or for third parties. If the latter is true, the beneficial owner has to be determinded and identified. According to ยง 4 Abs. 6 GwG, you as a customer are obligated to provide us with the relevant information and documents or identity card permanently. 

However, we have to identify the contracting parties as recently as the interest in the transaction is seriously communicated. 

This is one of the central components of the amended Money Laundering Act, which entered into force on 26 June 2017. A serious interest in buying is to be assumed according to the law at the latest when one of the parties has received a draft of the purchase contract from the other party. In addition, a serious interest in the conclusion of the purchase contract may be assumed if the (prospective) buyer has an exclusivity agreement with the (possible) seller.

You can find detailed information about this topic here:
https://rp-darmstadt.hessen.de/sicherheit/gefahrenabwehr/geldw%C3%A4sche/immobilienmakler