Money Laundering Prevention

It is a proper business policy of all obligated companies in the art trade to prevent the abuse of the cultural system through the concealment and shifting of assets of illegal origin as well as the financing of terrorism. Criminal activities can not only threaten the reputation and solidity of an art dealer, but also the integrity and stability of the entire art market. The most recent (also international) investigations have once again established that the art trade, due to its peculiarities, is not specifically susceptible to money laundering compared to other sectors. Here, too, the SAMA is committed to expanding the protection of a clean art market in Switzerland: If the art market is infiltrated by illegal activities, this can lead to a distortion of prices and an impairment of the integrity of the market, which must be thwarted. In addition to compliance with legal regulations and in the knowledge that Swiss regulation creates more advantageous legal frameworks than the over-regulated European environment, the SAMA recommends compliance with self-generated self-regulatory measures.

Adhering to these industry practices is a good way to avoid impractical further legal consequences and to maintain the reputation of the art trade in Switzerland in the future. With the use of modern digital solutions, the obligations are much easier and quicker to comply with and enable gallery owners and dealers – especially in cooperation with their banks – to process sales and purchase transactions pragmatically, quickly and legally securely in the future. In addition, our cooperation partner will offer training modules to familiarise art dealers and gallery owners with the applicable regulations.

If you are interested, you will find a list of partners and specialists pre-selected by the SAMA here. As a SAMA member, you will receive special preferential conditions with these partners and specialists selected by the SAMA.