Translation on Clean Login Option

Hi
I’d like to know if it is possible to translate the option “Terms and conditions – Accept terms / conditions in the registration form?” so that in front end of my web site this field appear in the correct language.

Now I found only a single field in the backend, this is the same for all language, but I would like to have i.e. in english “Accept the privacy policy”, In italian: “Accetta i termini della privacy”, etc…

Thanks a lot.

PS. I use last release WPML.