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As we welcome September and prepare for fall, we must once again say goodbye to our summer vacations and special holidays that bring cause for celebration. Patriotic summer holidays, like our recent Labor Day celebration, make us proud to be American and thankful for the many freedoms that we enjoy.

In reflection of summertime holidays like Labor Day, we at Sharetec would like to recognize our patriotic commitment to you—our integration of the Patriot Act Requirements into the Sharetec core system.

The Patriot Act—“Patriot” standing for “Providing Appropriate Tools Required to Intercept and Obstruct Terrorism”—authorizes the U.S. Secretary of the Treasury to regulate financial transactions, particularly those relating to foreign individuals. Integrated for the knowledge and protection of Credit Unions, Sharetec’s unique protection feature scans your database at intervals, and whenever you open a new account. Such scanning can determine if any of your members’ names match those on the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) lists. If such a match is discovered, it is promptly reported to you. 

Sharetec is proud to offer this feature and remains committed to upholding its service and allegiance for the protection of its Credit Unions.