Hello,
It seems to me that the reason is SmarterMail is converting the charset of the body of a mail when it's not UTF-8.
In my tests where I can reproduce the issue, the original mail charset is iso-8859-1, but SM alters it and change it to utf-8, and therefore it breaks ARC checks at the recipient server because the body checksum doesn't match the original message checksum anymore.
This only happens when the mail is sent to a mailing list though. It's not affecting forwards or aliases.
I don't know if I get the issue origin correctly, but I've opened a ticket and I am waiting on SM team to be able to reproduce the issue.
I will update this thread when I get some news.
Kind regards
Sébastien Riccio
System & Network Admin
https://swisscenter.com