Cushman & Wakefield | RED are subject to The Danish Act on Money Laundering Prevention.
For real estate brokers and real estate companies, the Act applies for all business including:
- Commercial mediation of purchase and sale of real estate
- Valuations against payment
- Mediation of tenancies
The Danish Act on Money Laundering Prevention imposes a line of duties on us with the purpose of preventing money laundering and financing of terrorism.
Cushman & Wakefield | RED are obligated to obtain identity information on the owners of the companies, which are parties in the mediation of real estate. This applies for the seller/buyer as well as for the landlord/tenant.
In any transaction, letting or valuation mediation, we therefore require legitimation from our clients when entering into customer relations.
To uphold the law, we have implemented a line of specific procedures, which we hope that our clients will accept.
We make sure that all identity information is stored safely and all information on natural persons are stored for 5 years and following this period, they will immediately be deled/destructed.
We have a duty to report any suspicions on money laundering and if a transaction is associated with financing of terrorism. This duty also applies even if no customer relations is established. The information must be given to the Danish public prosecutor for specific financial and international crime (SØIK/Statsadvokaten for Særlig Økonomisk og International Kriminalitet).