Part 3: Simplifying Compliance with Third-Party Escrow Services
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Detailed, sector-specific guides and blogs about specialist escrow and payment services.
Understanding UK Money Laundering Regulations for Luxury Interior Designers
Construction
In-Depth

Understanding UK Money Laundering Regulations for Luxury Interior Designers

UK anti-money laundering (AML) rules are tightening for businesses dealing in high-value goods, which includes upmarket interior designers who handle Furniture, Fixtures & Equipment (FF&E) purchases over £10,000.
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Topics
Understanding UK Money Laundering Regulations for Luxury Interior Designers
Escrow Accounts
Aircraft Purchase Escrow (UK)
Construction Escrow
Construction Retentions Escrow
Jet Card Escrow Accounts
Marine Sale & Purchase Escrow
Mergers & Acquisitions ('M&A') Escrow
Party Wall Escrow
Third-Party Managed Accounts (TPMA's)
FF&E Procurement Accounts
Household PayMaster Accounts
Probate & Executor Accounts
Project Bank Accounts
TPMA's for Legal Fees on Account
Zero-Fee Payment & Escrow Schemes
UK Retention Deposit Scheme
UK Security for Expenses Scheme
Glossary
Anti-Money Laundering (AML)
Beneficial Owner
Beneficiary
Customer Due Diligence (CDD)
Enhanced Due Diligence (EDD)
Escrow
Escrow Agent
High-Value Dealer (HVD)
KYB
KYC
KYT
Licence to Alter
Office of Financial Sanctions Implementation (OFSI)
Politically Exposed Person (PEP
Project Bank Account
Record-Keeping
Sanctions Screening
Security for Expenses
Source of Funds
Source of Wealth
TPMA
Trust Protector
Trustee
UBO
Frequently Asked Questions
Are escrow agents regulated in the UK?
Can I withdraw money from an escrow account?
Can escrow be used for personal transactions?
Do Escrow Accounts Earn Interest in the UK?
How much does an escrow account cost?
Is escrow a thing in the UK?
What is a project escrow?
What is an escrow agreement?
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.

Resources

Escrow & TPMA Glossary

Our glossary of terms of art in the world of escrow and third-party managed payments
A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
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W
X
Y
Z
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

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

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.
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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.
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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.
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).
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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.
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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 accounts or high-interest deposit accounts.
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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.
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O

Office of Financial Sanctions Implementation (OFSI)

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

Politically Exposed Person (PEP

A PEP is someone who holds or has held significant public office or is closely connected to such individuals.
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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 chain, and deliver cost savings.
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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.
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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.
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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.
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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.
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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 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