Why we verify
Under the German Anti-Money Laundering Act (GwG), real estate agents are obliged entities. This applies to brokering purchase agreements and leases with a monthly rent of 10,000 euros or more. We must establish the identity of the contracting parties, identify beneficial owners and assess risks appropriately.
When we verify
Identification takes place as soon as there is serious interest in concluding a contract and the parties are known, and at the latest before signing. We raise it early so that it does not delay the timetable.
Whom we verify
Individuals, companies and their beneficial owners, meaning the persons who ultimately own or control them. For companies we compare the information with the German Transparency Register. We also check whether politically exposed persons are involved.
What happens to the data
We process the information solely to meet our legal obligations and retain it for the statutory period of five years. The legal basis is Art. 6 (1) (c) GDPR in conjunction with the GwG.
Documents we need
Individuals
- Valid identity card or passport
- If represented: power of attorney and the representative's ID
Companies
- Current commercial register extract
- List of shareholders or equivalent evidence
- Transparency Register extract
- Details of beneficial owners
- ID of the acting person and proof of authority
Foreign companies
- Register extract from the country of incorporation, translated if needed
- Evidence of the ownership and control structure
- Details of beneficial owners
In certain cases, for example where risk is higher, additional information may be required, such as on the source of funds.
