RAM Task Force member Anne Laure Bandle and NY Committee member Irina Tarsis were speakers at the Schulthess Forum Kunst im Recht as part of a panel on Due diligence and Money laundering, risk assessement in international comparison. The panel also included former RAM Task Force member Sandrine Giroud and Sibylle Loyrette.
💼 Key Insights on Regulatory Insights/Trends:
– Switzerland’s narrower AML scope applies mainly to financial intermediaries and dealers, with unique thresholds, such as the CHF 100k cash limit for dealers.
– AML rules are focused on client and fund monitoring, not on the the art objects themselves.
– Nonetheless other Swiss laws such as the Cultural Property Transfer Act impose due diligence verifications in art transactions both on the seller and buyer sides.
– Interestingly, banks often require dealers to meet higher standards than Swiss law mandates.
– In contrast, EU/UK rules impose more expansive requirements that impact the art trade, raising competitive pressures and compliance challenges.
– Over time, it seems that Swiss law will adapt to the compliance requirements and tools existing in our neighbouring countries, for example with the introduction of a Federal Register of beneficial owners (soonest in 2026).
🔑 Best Due Diligence Practices:
– Connecting financial standards with art market practices is essential. This includes establishing checklists, understanding applicable regulations, and mitigating risks effectively.
– Using the Responsible Art Market Due Diligence Toolkit, now also with an appendix dedicated to the Antiquities trade 😉