SWEEP AGREEMENTS
Sweep agreements are contractual agreements between institutions and their customers that allow funds to be automatically transferred to another account at the same institution, another institution, or into a financial instrument. When funds of U.S. nonbank residents are swept to a non-U.S. office of a B reporter, the B reporter should report the funds held at the non-U.S. office on the BQ-1.
Sweep agreements are contractual agreements between institutions and their customers that allow funds to be automatically transferred to another account at the same institution, another institution, or into a financial instrument. When funds of U.S. nonbank residents are swept to a non-U.S. office of a B reporter, the B reporter should report the funds held at the non-U.S. office on the BQ-1.