About Customer Tax Operations (CTO)
The CTO team at Virgin One Account doesnât offer advice but weâre here to help you understand international tax
regulations and practices, as well as our commitments to them. We deliver, maintain and continually improve compliant
customer tax operations.
To combat tax evasion and avoidance, many governments now investigate where their citizens hold overseas assets. So
while we were initially focused on supporting the Bankâs compliance with the US FATCA (Foreign Account Tax
Compliance Act), our activity now includes a range of operational tax regulations.
We also consider the broader response of the bank to these regulations and how we meet our obligations to them. This
enables the bank to identify US or other citizens who may be liable for tax in their home jurisdiction and to report on
those individuals or entities, in line with regulatory timescales. This will extend in 2016 to support the requirements of the
global Common Reporting Standard (CRS).