Prevention of money laundering in real estate transactions

The purpose of the German Anti-Money Laundering Act (GwG) is to combat money laundering and terrorist financing.

Legal obligations?

Identification of business partners (Know-Your-Customer process), inter alia:

• Establishing the identity of our business partners
• Obtaining information about the business purpose of the business partner
• Determining and establishing the identity of the persons acting as well as the beneficial owners of our business partners

Legal & Compliance Initiative Real Estate

The Logivest Gruppe is a member of the initiative founded in July 2014 by leading consulting companies from the commercial real estate sector, consisting of ethics, legal, and compliance officers of the participating companies.

The aim behind founding the initiative was and is not to resolve compliance topics individually in each company, but rather to establish high ethical standards in the real estate sector together. Furthermore, efforts were made to ensure that increasing legislative requirements regarding compliance-relevant issues are implemented to a high standard and, above all, that the consulting firms' clients can rely on a consistent approach by the consulting firms, which simplifies their own handling of legal requirements. The objective of the LCIRE, designed as a working group, was thus to promote measures aimed at greater professionalisation of commercial real estate service providers in the area of compliance.

Further information on money laundering and downloads can be found at:
https://compliance-realestate.com