Identification obligations pursuant to German Money Laundering Act

  1. To the extent as Auktionshaus Geble is obliged under the Money Laundering Act (hereinafter referred to as GwG) to identify customer and/or a beneficial owner behind the customer, customers are obliged to cooperate in this identification. In particular, customers must provide Auktionshaus Geble with the information and documents necessary to identify the customer and/or a beneficial owner behind the customer and must notify Auktionshaus Geble immediately in writing or in text form of any changes occurring in the course of the business relationship. Beneficial owners within the meaning of the GwG are (i) those natural persons in whose ownership or ultimately owns or controls the contracting party, or (ii) those natural persons at whose instruction a transaction is ultimately carried out or a business relationship is ultimately established.
  2. In the event that the customer does not comply with his/ her identification obligations vis-à-vis Auktionshaus Geble for himself/herself and/or a beneficial owner behind the customer, or if Auktionshaus Geble suspects money laundering for other reasons, Auktionshaus Geble shall be entitled to withdraw from the contract if the customer does not clear the suspicion of money laundering immediately, but at the latest within a period of 7 calendar days after a corresponding request by Auktionshaus Geble.
  3. Auktionshaus Geble’s claims for damages against the customer, in particular (but not limited to) claims for reduced proceeds in the post-auction sale, shall remain unaffected by such withdrawal.
  4. The right of withdrawal pursuant to clause 3. shall also apply to Auktionshaus Geble vis-à-vis the customer in the event that Auktionshaus Geble, for its part, has to withdraw from the contract with the client who consigned the item for auction due to suspicion of money laundering against such client.