Official Statement: Expatrio security standards

EXPATRIO PARTNERS

We know that you can only rely on renowned and regulated partners. This is why we want to introduce our partners for the “Expatrio Blocked Account powered by Mangopay as part of Crédit Mutuel” once again:

1. CRÉDIT MUTUEL – Our Blocked Account Banking Partner 
Crédit Mutuel is one of Europe’s largest banks and in fact one of the top banks in France with ownership of 318 branches in Germany named “Targobank AG”. It is a mutual bank which means they are working in their customer’s benefit. Crédit Mutuel is of course fully regulated as a bank and are allowed to perform business throughout Europe. Crédit Mutuel is also the 100% owner of Mangopay.

2. MANGOPAY – Our Blocked Account Payment Service Partner
Mangopay is owned by Crédit Mutuel and a technological driven and fully regulated European Payment Institution. With Mangopay, Expatrio can keep its promise to open and process Blocked Accounts within just a few hours. Mangopay headquarter is based in Luxembourg, therefore you will find Luxembourg IBANS (LU) on your 05 Account Opening Confirmation, which by the way has no influence on the acceptance of your Blocked Account in Germany as it complies to the applicable immigration law (§ 2 (3) Residence Act (AufenthG) and 16.0.8.1 Administrative Order of the Residence Act (VwV-AufenthG).

If you want to find more information, please refer to our Partners page.

EUROPEAN BANKING REGULATION

As explained above, Expatrio's partners, Crédit Mutuel and Mangopay, are both fully licensed as bank and respectively payment institution performing their business in the European Union. Therefore, they with comply to the highest security requirements, including but not limited to data security, anti-money-laundering (AML) and regular reporting to the regulators.

UPDATE ON CURRENT DEVELOPMENTS

During the last weeks, Expatrio experienced some fraudulent cases in which the name of Expatrio has been used by potential scammers in an illegal way by pretending to be an Expatrio representative and issuing fake documents. This applies especially to the “05 Account Opening Confirmation” document, which is the request to transfer the Blocked Amount to Expatrio, respectively the customer’s individual Blocked Account. Even though the documents obviously look different from Expatrio's official documents, a small number of customers unfortunately followed the cheaters’ instructions.

Expatio cannot be held liable or responsible for those illegal actions and dissociates itself from the cases. Expatrio clearly never has been “hacked” or experienced any external attack on their systems. For the illegal misuse of Expatrios name, the Expatrio Management not only filed a case at the German police through its lawyers, but also stays in close contact with the Federal Foreign Office and the respective Missions Abroad.

Important note:
The 05 Account Opening Confirmation” and other documents will not be available via email communication anymore but will only be provided through the customer's private log-in portal.

We hope the information provided demonstrates Expatrio's extensive security measurements.

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