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.

Anti-Money Laundering (AML)

AML refers to regulations, processes, and laws designed to prevent criminals from disguising illegally obtained money as legitimate. Secure, FCA-regulated service with Bank of England deposits.

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 client accounts.

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.

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.

Beneficiary

Read more about the meaning of "Beneficiary" and its importance in compliance when it comes to opening financial accounts, escrow accounts or high-interest deposit accounts.

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.

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.

Counter-Terrorist Financing (CTF)

Customer Due Diligence (CDD)

CDD is a legal requirement under AML regulations involving verifying the identity of clients using reliable documentation, assessing money laundering risks, and ensuring clients are not involved in illicit activities.

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 digital interface.

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 clients from high-risk jurisdictions.

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.

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. Secure, FCA-regulated service with Bank of England deposits.

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.

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.

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.

Financial Conduct Authority (FCA)

Learn about the Financial Conduct Authority’s role in regulating UK financial services, ensuring consumer protection, and maintaining market integrity.

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.

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.

High-Value Dealer (HVD)

A high-value dealer is a business that trades in goods involving transactions over €10,000 (approximately £8,500). Secure, FCA-regulated service with Bank of England deposits.

KYB

Read more about the meaning of "KYB" or "Know Your Business" and its importance in compliance when it comes to opening financial accounts, escrow accounts or high-interest deposit accounts.

KYC

Read more about the meaning of "KYC" or "Know Your Client" and its importance in compliance when it comes to opening financial accounts, escrow accounts or high-interest deposit accounts.

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 accounts or high-interest deposit accounts.

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.

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 project on a leasehold property.

Office of Financial Sanctions Implementation (OFSI)

OFSI is a UK government body responsible for ensuring compliance with financial sanctions. Secure, FCA-regulated service with Bank of England deposits.

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.

Politically Exposed Person (PEP)

A PEP is someone who holds or has held significant public office or is closely connected to such individuals. Secure, FCA-regulated service with Bank of England deposits.

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.

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.

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 chain, and deliver cost savings.

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.

Record-Keeping

Record-keeping under AML regulations involves maintaining accurate documentation of all transactions, client identity verifications, risk assessments, and sanctions checks.

Safeguarding

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

Sanctions Screening

Sanctions screening involves checking clients against official government or international sanction lists to ensure businesses do not engage with restricted individuals or entities.

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.

Segregation

Learn what segregation means in client money handling, and why keeping estate or client funds separate is essential under UK regulations.

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.

TPMA

Read more about the meaning of "TPMA" or "Third-Party Managed Account" and how many professional services providers are now using them to hold and manage client funds securely and transparently.

Trust Protector

Read more about the meaning of "Trust Protector" and its importance in compliance when it comes to opening financial accounts, escrow accounts or high-interest deposit accounts.

Trustee

Read more about the meaning of "Trustee" and its importance in compliance when it comes to opening financial accounts, escrow accounts or high-interest deposit accounts.

UBO

Read more about the meaning of "UBO" or "Ultimate Beneficial Owner" and its importance in compliance when it comes to opening financial accounts, escrow accounts or high-interest deposit accounts.

British Institute of Interior Design

Construction Industry Council

British Superyacht