Did you know that Patriot Act is actually an acronym? It is short for Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act. Fortunately, Sharetec has dissected this Act for you and integrated it into its core system, so you don’t have to worry about a thing. The act, among other things, authorizes the Secretary of the Treasury to regulate financial transactions, particularly those relating to foreign individuals. Sharetec scans your database, both periodically and at the time you open a new account, to see if any of your members match any of the names on the list provided by the Office of Foreign Assets Control or OFAC. If they do, we report them to you. In addition, we scan your database against the FinCEN list, which is another acronym that stands for Financial Crimes Enforcement Network.