Resources

Escrow & TPMA Glossary

Our glossary of terms of art in the world of escrow and third-party managed payments
Welcome to the dospay Glossary — your go-to resource for understanding essential terms in escrow, managed accounts, construction finance, and regulated transactions. Each term includes a clear definition, when to use it, and why it matters.
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A

Anti-Money Laundering (AML)

AML refers to regulations, processes, and laws designed to prevent criminals from disguising illegally obtained money as legitimate.
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B

Bank of England

Explore the role of the Bank of England in the UK economy, its responsibilities in financial stability, and its function in safeguarding certain…
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Bar Standards Board (BSB)

Understand the role of the Bar Standards Board (BSB) in regulating barristers in England and Wales and enforcing professional and ethical standards.
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Beneficial Owner

A beneficial owner is an individual who ultimately owns or controls a business or the client’s funds, even if they are not the direct customer.
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Beneficiary

A beneficiary is a person or entity entitled to receive money or assets from an account, trust, will or escrow arrangement under UK law.
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C

Client Money Rules (SRA)

Explore the SRA’s Client Money Rules and how they regulate solicitors handling client funds in the UK, especially in probate and trust contexts.
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Client Money Rules for Barristers (BSB Handbook)

Learn how barristers in England and Wales may handle client money under the Bar Standards Board’s rules and the restrictions that apply.
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Counter-Terrorist Financing (CTF)

Counter-terrorist financing covers laws, regulations and measures aimed at preventing, detecting and disrupting the funding of terrorism — UK-focused guide.
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Customer Due Diligence (CDD)

Customer Due Diligence (CDD) verifies a client's identity, assesses money-laundering risk and confirms they are not involved in illicit activity.
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D

DiPPA

A DiPPA is an acronym for a regulated project bank account with a technology twist - allowing all parties to engage with it directly through a…
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E

Enhanced Due Diligence (EDD)

EDD is a higher level of scrutiny applied in situations presenting increased risk, such as dealings with Politically Exposed Persons (PEPs) or…
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Escrow

Read more about the meaning of "Escrow" and how it can add transparency, security and trust in high-value, complex or long-term transactions.
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Escrow Agent

Read more about the meaning of an "Escrow Agent" and how they are increasingly used in complex, high-value or long-duration transactions.
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Estate Administration

Find out what estate administration involves in the UK, who is responsible, and the key steps for managing and distributing a deceased person’s assets.
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Estate Administrator

Explore the role of an estate administrator in the UK - what they do, when they are appointed, and how they differ from executors.
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F

FF&E

FF&E (or 'furniture, fixtures and equipment') is a key acronym often encountered in the property and construction sector. It is similar to OS&E.
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Financial Conduct Authority (FCA)

Learn about the Financial Conduct Authority’s role in regulating UK financial services, ensuring consumer protection, and maintaining market integrity.
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Financial Services Compensation Scheme (FSCS)

Understand the FSCS and how it protects consumers in the UK if banks, insurers, or other authorised financial firms fail.
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G

Grant of Probate

Explore what a Grant of Probate is, when it's needed in the UK, how to apply, and why it's essential for lawful estate administration.
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H

High-Value Dealer (HVD)

A high-value dealer is a UK business trading in goods with cash transactions over €10,000 (about £8,500) — HVDs must register with HMRC for AML supervision.
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K

KYB

KYB ("Know Your Business") is the regulated verification of a corporate client's identity, structure and ownership - central to UK AML compliance.
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KYC

KYC ("Know Your Client") is the regulated verification of an individual client's identity and risk profile - a core requirement of UK AML rules.
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KYT

Read more about the meaning of "KYT" or "Know Your Trust" and its importance in compliance when it comes to opening financial accounts, escrow…
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L

Letters of Administration

Learn what Letters of Administration are, when they are used in the UK, and how they differ from a Grant of Probate in estate management.
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Licence to Alter

Read more about the meaning of "Licence to Alter" in leasehold situations and how they are necessary for almost every kind of serious construction…
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O

Office of Financial Sanctions Implementation (OFSI)

OFSI is the UK government body responsible for implementing and enforcing financial sanctions, sitting within HM Treasury. A practical compliance guide.
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OS&E

OS&E (or 'Operating Supplies and Equipment') is a key acronym often encountered in the property and construction sector. It is similar to FF&E.
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P

Politically Exposed Person (PEP)

A PEP is someone who holds significant public office or is closely connected to such individuals — why PEPs need enhanced due diligence under UK AML rules.
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Probate

Understand what probate is in the UK, when it's needed, how it works, and the steps involved in legally managing a deceased person's estate.
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Probate Registry

Learn what the Probate Registry is, its role in the UK probate process, and how it issues legal documents like Grants of Probate and Letters of Administration.
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Project Bank Account

Read more about the meaning of "Project Bank Account" and how they can be used in construction projects to reduce risk to the client and the supply…
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Prudential Regulation Authority (PRA)

Understand the role of the Prudential Regulation Authority (PRA) in the UK financial system, and how it regulates banks and insurers to ensure stability.
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R

Record-Keeping

Record-keeping under AML regulations involves maintaining accurate documentation of all transactions, client identity verifications, risk…
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S

Safeguarding

Understand what safeguarding means in the context of UK financial services, especially how client funds are protected under regulatory obligations.
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Sanctions Screening

Sanctions screening involves checking clients against official government or international sanction lists to ensure businesses do not engage with…
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Security for Expenses

Read more about the meaning of "Security for Expenses" in a party wall context and what they are used for when a building owner is considering building works.
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Segregation

Learn what segregation means in client money handling, and why keeping estate or client funds separate is essential under UK regulations.
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Solicitors Regulation Authority (SRA)

Learn about the Solicitors Regulation Authority (SRA), the body that regulates solicitors in England and Wales, including its role and enforcement powers.
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T

TPMA

A TPMA (Third-Party Managed Account) is a regulated account used by professional firms to hold and manage client funds securely and transparently.
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Trust Protector

A Trust Protector oversees a trustee on behalf of beneficiaries - a key role in UK trust governance, escrow and high-value account compliance.
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Trustee

Read more about the meaning of "Trustee" and its importance in compliance when it comes to opening financial accounts, escrow accounts or…
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U

UBO

Read more about the meaning of "UBO" or "Ultimate Beneficial Owner" and its importance in compliance when it comes to opening financial accounts…
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FF&E / OS&E Procurement
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Escrow Accounts
Aircraft Purchase Escrow (UK)
Arbitration Security Escrow
Art Purchase Escrow
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Construction Retentions Escrow
Cross-Border Escrow
Decommissioning Escrow
Divorce Escrow
Jet Card Escrow
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Marine Sale & Purchase Escrow
Mergers & Acquisitions ('M&A') Escrow
Pension Deficit Escrow
Planning & Development Escrow
Security for Costs Escrow
Shipyard Escrow
Third-Party Managed Accounts (TPMA's)
Cladding Safety Scheme Trust Accounts
Corporate PayMaster Accounts
FF&E Procurement Accounts
Household PayMaster Accounts
M&A Paying Agents
Probate & Executor Accounts
Project Bank Accounts
Settlement Distribution Agent Services
TPMA's for Direct Access Barristers
TPMA's for Legal Fees on Account
Zero-Fee Payment & Escrow Schemes
Glossary
Adjoining Owner
Anti-Money Laundering (AML)
Bank of England
Bar Standards Board (BSB)
Beneficial Owner
Beneficiary
Building Owner
Client Money Rules for Barristers (BSB Handbook)
Client Money Rules (SRA)
Counter-Terrorist Financing (CTF)
Customer Due Diligence (CDD)
DiPPA
Enhanced Due Diligence (EDD)
Escrow
Escrow Agent
Estate Administration
Estate Administrator
Executor
Executor Account
FF&E
Financial Conduct Authority (FCA)
Financial Services Compensation Scheme (FSCS)
Grant of Probate
High-Value Dealer (HVD)
KYB
KYC
KYT
Letters of Administration
Licence to Alter
Office of Financial Sanctions Implementation (OFSI)
OS&E
Owner (Party Wall Act)
Party Wall
Party Wall Act
Party Wall Award
Party Wall Escrow
Politically Exposed Person (PEP)
Probate
Probate Registry
Project Bank Account
Prudential Regulation Authority (PRA)
Record-Keeping
Safeguarding
Sanctions Screening
Security for Expenses
Segregation
Solicitors Regulation Authority (SRA)
Source of Funds
Source of Wealth
Surveyor
Third Surveyor
TPMA
Trustee
Trust Protector
UBO
Frequently Asked Questions
Are escrow agents regulated in the UK?
Are my Security for Expenses deposits safe?
Can escrow be used for personal transactions?
Can I withdraw money from an escrow account?
Do Escrow Accounts Earn Interest in the UK?
How much does an escrow account cost?
How much Security For Expenses should I be asked to deposit?
How much should be deposited in a Construction Escrow account?
Is Escrow Used in the UK? | UK Escrow Services Explained
Is Security for Expenses the same as Party Wall Escrow?
What are Party Wall Security for Expenses used for?
What is an escrow agreement?
What is a project escrow?
What is Party Wall Security for Expenses?
What is the difference between an escrow and a payment service?
Who owns the money in an escrow account?
Who pays escrow fees in a typical escrow transaction?
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dospay is a trading name of DOS & Co. Ltd, a company registered in England and Wales with company number 08294966.
DOS & Co. Ltd. is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 (FRN: 833374) for the provision of payment services.
All of our GBP escrow and third-party managed accounts are segregated and safeguarded at the Bank of England.