Glossary:
R

Record-Keeping

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

Record-keeping under AML regulations involves maintaining accurate documentation of all transactions, client identity verifications, risk assessments, and sanctions checks. Businesses must retain these records for at least five years after the completion of each transaction or the end of a client relationship to demonstrate compliance during audits.

Related Words

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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Record-Keeping

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More from the Escrow & TPMA Glossary

Our glossary of terms of art in the world of escrow and third-party managed payments
A

Anti-Money Laundering (AML)

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

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.
Learn more

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.
Learn more
C

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.
Learn more
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 clients from high-risk jurisdictions.
Learn more

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.
Learn more

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.
Learn more
H

High-Value Dealer (HVD)

A high-value dealer is a business that trades in goods involving transactions over €10,000 (approximately £8,500).
Learn more
K

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.
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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.
Learn more

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.
Learn more
L

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.
Learn more
O

Office of Financial Sanctions Implementation (OFSI)

OFSI is a UK government body responsible for ensuring compliance with financial sanctions.
Learn more
P

Politically Exposed Person (PEP

A PEP is someone who holds or has held significant public office or is closely connected to such individuals.
Learn more

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.
Learn more
R

Record-Keeping

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

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.
Learn more

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.
Learn more

Source of Funds

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

Source of Wealth

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

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.
Learn more

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.
Learn more

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.
Learn more
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, escrow accounts or high-interest deposit accounts.
Learn more
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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.
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