By Brazil Stock Guide – Brazil’s National Institute of Social Security (INSS) has suspended transfers of payroll-loan and credit-card deductions connected to Banco Master SA after identifying possible irregularities in operations linked to retirees and pensioners. The measure, signed on Nov. 26 by INSS president Gilberto Waller Jr., blocks the transfer of amounts discounted without prior notification of beneficiaries.
The agency said the suspension has already prevented BRL 27 million in transfers as of Dec. 9. Waller described the move as a necessary step to stop potential irregularities and protect public interest pending completion of an administrative investigation.
The inquiry focuses on the Technical Cooperation Agreement (ACT) between the INSS and Banco Master, following concerns raised by the benefits directorate and federal prosecutors assigned to the agency. No timeline has been given for the conclusion of the probe.
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