KudoZ home » English to Spanish » Insurance

Kiting and Cross-firing

Spanish translation: alteración fraudulenta de cheques/transacción circular

Advertisement

Login or register (free and only takes a few minutes) to participate in this question.

You will also have access to many other tools and opportunities designed for those who have language-related jobs
(or are passionate about them). Participation is free and the site has a strict confidentiality policy.
GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
English term or phrase:Kiting and Cross-firing
Spanish translation:alteración fraudulenta de cheques/transacción circular
Entered by: Ignacia Nieto Melgarejo
Options:
- Contribute to this entry
- Include in personal glossary

16:51 Apr 24, 2008
English to Spanish translations [PRO]
Law/Patents - Insurance
English term or phrase: Kiting and Cross-firing
Es una cláusula de una póliza:
Kiting and Cross-firing

Loss resulting wholly or partially from payments or withdrawals involving items received by the Insured which are not finally paid for any reason, unless such loss is covered under Insurance Cover 1.1, 1.3 or 1.4.
Muchas gracias por sus sugerencias
Ignacia Nieto Melgarejo
Local time: 22:35
alteración fraudulenta de cheques/transacción circular
Explanation:
cross-firing
Definition
A type of fraudulent trading in which a company plays lending institutions against each other. For example, a company may send payment checks between its different divisions in order to create the appearance of a healthy, profitable company. Auditors may not readily realize that the company is not making money, which in turn leads creditors to believe that the company is still solvent. See also wrongful trading. Also called check kiting.

• kiting

navegación con cometa | alteración fraudulenta de cheques

check kiting
Definition
Fraudulent scheme in which checks are issued against funds that a bank has credited into an account for deposited but uncleared checks (see check clearing). In effect, it is like an interest free and unauthorized loan which, with careful timing of deposits and withdrawals, can be turned into a large sum. It differs from 'playing float,' because in reality no funds exist.

* Kiting and Cross-Firing

Kiting and cross-firing is a situation whereby a person having an account at both bank A and bank B, draws a cheque on bank A account and pays it into bank B account. On the day before the cheque is presented for payment, a cheque on bank B account is drawn to meet the cheque on the first account, thereby a credit balance is shown on both accounts, although there are in fact, uncleared balances. This practice if allowed to continue, could mean an increase in the uncleared balances.

Formato de archivo: PDF/Adobe Acrobat - Versión en HTML
[1] Cheque ‘kiting’ or ‘cross-firing’ (also known as ‘round-tripping’). takes place when customers of one or more banks draw ...
www.supremecourtofappeal.gov.za/judgments/sca_2004/2003_136...

• round tripping

transacción circular (transacción combinada, transacción comercial-de intercambio en que intervienen varios factores)

Several companies. within the group were involved in a cheque ‘cross-firing’ operation. (also known as ‘kiting’, ‘round-tripping’, or ‘merry-go-round’) ...
search.sabinet.co.za/images/ejour/ju_assal/ju_assal_2005_a22.pdf


Selected response from:

Maria Elena Martinez
Netherlands
Local time: 05:35
Grading comment
Muchas gracias
4 KudoZ points were awarded for this answer

Advertisement


Summary of answers provided
4bicicleta
Sergio Gaymer
3alteración fraudulenta de cheques/transacción circular
Maria Elena Martinez
3circulación de cheques sin fondos o girar cheques sin fondos
Margarita Ezquerra (Smart Translators, S.L.)


  

Answers


21 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
kiting and cross-firing
circulación de cheques sin fondos o girar cheques sin fondos


Explanation:
Suerte

Margarita Ezquerra (Smart Translators, S.L.)
Spain
Local time: 05:35
Native speaker of: Native in SpanishSpanish
PRO pts in category: 420
Login to enter a peer comment (or grade)

22 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
kiting and cross-firing
alteración fraudulenta de cheques/transacción circular


Explanation:
cross-firing
Definition
A type of fraudulent trading in which a company plays lending institutions against each other. For example, a company may send payment checks between its different divisions in order to create the appearance of a healthy, profitable company. Auditors may not readily realize that the company is not making money, which in turn leads creditors to believe that the company is still solvent. See also wrongful trading. Also called check kiting.

• kiting

navegación con cometa | alteración fraudulenta de cheques

check kiting
Definition
Fraudulent scheme in which checks are issued against funds that a bank has credited into an account for deposited but uncleared checks (see check clearing). In effect, it is like an interest free and unauthorized loan which, with careful timing of deposits and withdrawals, can be turned into a large sum. It differs from 'playing float,' because in reality no funds exist.

* Kiting and Cross-Firing

Kiting and cross-firing is a situation whereby a person having an account at both bank A and bank B, draws a cheque on bank A account and pays it into bank B account. On the day before the cheque is presented for payment, a cheque on bank B account is drawn to meet the cheque on the first account, thereby a credit balance is shown on both accounts, although there are in fact, uncleared balances. This practice if allowed to continue, could mean an increase in the uncleared balances.

Formato de archivo: PDF/Adobe Acrobat - Versión en HTML
[1] Cheque ‘kiting’ or ‘cross-firing’ (also known as ‘round-tripping’). takes place when customers of one or more banks draw ...
www.supremecourtofappeal.gov.za/judgments/sca_2004/2003_136...

• round tripping

transacción circular (transacción combinada, transacción comercial-de intercambio en que intervienen varios factores)

Several companies. within the group were involved in a cheque ‘cross-firing’ operation. (also known as ‘kiting’, ‘round-tripping’, or ‘merry-go-round’) ...
search.sabinet.co.za/images/ejour/ju_assal/ju_assal_2005_a22.pdf




Maria Elena Martinez
Netherlands
Local time: 05:35
Native speaker of: Native in SpanishSpanish
PRO pts in category: 14
Grading comment
Muchas gracias
Login to enter a peer comment (or grade)

1 day6 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
kiting and cross-firing
bicicleta


Explanation:
es el término usado comunmente. hacer una bicicleta con cheques. se refiere básicamente a depositar cheques sin fondos girados contra otros bancos y cubrirlos con nuevos cheques con las mismas características mientras el sistema de canje bancario demora en la confirmación de los cheques.

Sergio Gaymer
Chile
Local time: 22:35
Specializes in field
Native speaker of: Spanish
PRO pts in category: 151
Login to enter a peer comment (or grade)




Return to KudoZ list


KudoZ™ translation help
The KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases.



See also:



Term search
  • All of ProZ.com
  • Term search
  • Jobs
  • Forums
  • Multiple search