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  3. Law: Contract(s)

la cuenta bancaria debidamente informada y certificada

English translation: The bank account duly notified and certified

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:la cuenta bancaria debidamente informada y certificada
English translation:The bank account duly notified and certified
Entered by: Ruth Ramsey

19:57 Feb 18, 2024
Spanish to English translations [PRO]
Law/Patents - Law: Contract(s) / Financial Intermediary Agreement
Spanish term or phrase: la cuenta bancaria debidamente informada y certificada
Financial Intermediary Agreement (Colombia)

I'm happy with the first part of the phrase "duly informed bank account" but I'm not 100% sure what they mean by "certificada" here.

Does it mean the account that is registered to the Adviser's name or that the Adviser (the recipient) acknowledges that this is its account?

Many thanks in advance.

"Las partes acuerdan que el pago de la contraprestación..... se realizará mediante trasnferencia electrónica a la cuenta bancaria debidamente informada y certificada por el Asesor...."
Ruth Ramsey
United Kingdom
Local time: 19:16
The duly notified and certified bank account by the advisor
Explanation:
"Por el asesor" means by the advisor, so this is how I would translate the text:

"shall be made by electronic transfer to the bank account duly notified and certified by the Advisor....".

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Note added at 33 mins (2024-02-18 20:30:42 GMT)
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Certified could mean registered Ruth
Selected response from:

Eileen Brophy
Spain
Local time: 20:16
Grading comment
Thanks Eileen. I went with what you suggested in your explanation.
3 KudoZ points were awarded for this answer



Summary of answers provided
4The duly notified and certified bank account by the advisor
Eileen Brophy
4such bank account as has been duly reported + certified by the Adviser/or > as genuine + for tax ID
Adrian MM.
4the said duly notified and certified bank account
AllegroTrans
3 -1the relevant and explanatory bank account which is certified
Lisa Rosengard


Discussion entries: 4





  

Answers


25 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5
The duly notified and certified bank account by the advisor


Explanation:
"Por el asesor" means by the advisor, so this is how I would translate the text:

"shall be made by electronic transfer to the bank account duly notified and certified by the Advisor....".

--------------------------------------------------
Note added at 33 mins (2024-02-18 20:30:42 GMT)
--------------------------------------------------

Certified could mean registered Ruth

Eileen Brophy
Spain
Local time: 20:16
Meets criteria
Works in field
Native speaker of: English
PRO pts in category: 47
Grading comment
Thanks Eileen. I went with what you suggested in your explanation.
Notes to answerer
Asker: Thanks Eileen. I'm wondering what it actually means for an account to be certified.


Peer comments on this answer (and responses from the answerer)
neutral  philgoddard: See my comment re 'certified'. Also, the word order is wrong in your first version, but not your second.
3 hrs
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55 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): -1
the relevant and explanatory bank account which is certified


Explanation:
The parties (groups) agree that the payment in consideration is made by electronic transfer to the relevant and explanatory bank account which is certified by the financial consultant.

In economic law, the consideration is 'the price paid in exchange for the fulfilment of a promise. The court defined consideration as a right, interest, profit, detriment, loss or responsibility. Anything of value that is promised by one party to another can be a consideration. If a person makes an offer to another without any consideration the contract is not binding legally.'
https://corporatefinanceinstitute.com/resources/valuation/co...

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Note added at 1 hr (2024-02-18 20:57:43 GMT)
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A certified bank account is one which has a copy of an original statement or document and it's approved by a professional in authority such as a solicitor or a financial consultant.
https://www.gov.uk/certifying-a-document

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Note added at 1 hr (2024-02-18 21:56:24 GMT)
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The bank statement of account is explanatory since it shows any activity (transactions etc).


    https://corporatefinanceinstitute.com/resources/valuation/consideration/
Lisa Rosengard
United Kingdom
Local time: 19:16
Does not meet criteria
Native speaker of: English
PRO pts in category: 8

Peer comments on this answer (and responses from the answerer)
neutral  ormiston: What is an explanatory bank account ?!
55 mins
disagree  AllegroTrans: What is an explanatory bank account ?!
18 hrs
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4 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
la cuenta bancaria debidamente informada y certificada por el Asesor
such bank account as has been duly reported + certified by the Adviser/or > as genuine + for tax ID


Explanation:
-> so for tax withholding purposes, as 'UK and US accountants ought to have picked up on' - see the second weblink and applicable nine times out of ten world-wide.

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Note added at 4 hrs (2024-02-19 00:42:57 GMT)
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The second, repeated example sentence ought to have read: 'Certificate of Registration of the Chamber of Commerce: This requirement allows you to know the type of legal entity set up. With this document, the bank will identify its *legal representatives* and the bylaws. '

Example sentence(s):
  • El certificado de titularidad bancaria es un documento que emite el banco a petición del cliente y que confirma que dicha cuenta está registrada a su nombre.
  • El certificado de titularidad bancaria es un documento que emite el banco a petición del cliente y que confirma que dicha cuenta está registrada a su nombre.

    Reference: http://www.bancomundial.org/es/about/legal/scams
    Reference: http://jlcauditors.com/en/foreign-company-open-a-bank-accoun...
Adrian MM.
Austria
Meets criteria
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 278
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19 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
the said duly notified and certified bank account


Explanation:
,>

AllegroTrans
United Kingdom
Local time: 19:16
Does not meet criteria
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 577
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