Banco Master, formerly known as Máxima, conducted remittances of US$531 million, equivalent to R$2.8 billion, to One World Services (OWS), a firm probed for money laundering for the PCC and Hezbollah. The deals took place from December 2018 to April 2021, showing signs of documentation flaws. The bank reached an agreement with the Central Bank, closing the administrative probe without acknowledging wrongdoing.
The Federal Police are probing One World Services (OWS), a Brazilian direct-sale crypto firm, for suspected money laundering for the criminal faction PCC and the terrorist group Hezbollah. During Operation Colossus, launched in 2022 with follow-ups in 2024 and 2025, authorities tracked R$60 billion in movements, including R$8 billion in exchange operations.
For Banco Master, then Máxima, there were 331 exchange deals justified as capital increases for an OWS offshore in Miami. Yet, the bank submitted only 15 corporate minutes to the Central Bank, though rules at the time required documentation per transaction. The minutes showed fraud signs, such as multiples on the same day or consecutive dates, scanned minutes apart, per the PF report.
"The inquiries on this matter were subject to an agreement with the BC, which closed the case administratively without recognizing irregularity," the Master stated in a note. The PF claims eight institutions, including Master, "deliberately turned a blind eye to their clients' reality," inconsistent with the amounts handled.
The deals spanned December 2018 to April 2021, when Daniel Vorcaro took control in 2018, with BC approval in August 2019. OWS, a less-regulated OTC crypto desk, is owned by brothers José Eduardo, Adriano, and Renato Froes. Key client Dante Felipini, the "cryptoboy," sent over R$700 million to OWS and was sentenced to 17 years in 2025 for money laundering and criminal association.
Felipini's defense says the court dismissed the terrorism financing charge. On December 31, 2022, the BC waived documentation requirements for overseas exchanges, aiding the Master's settlement. Other banks like Topázio and MS Bank cut ties with OWS over inadequate paperwork.
The Banco Master scandal has political fallout, such as the TCU review of Otto Lobo's CVM nomination suspension for allegedly favoring the bank, and congressional CPI pushes.
