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How do you miss $272 million in excess wire transfers?

The Wall Street Journal has a very good article today on a major theft at Ray-Ban's parent company. Looks like an employee made 243 false payments over a period of months in 2019. To make these payments, transfers were made that exceeded the daily limit for these types of transfers. Who was not looking at the exceptions that were being created? The Company is suing JPMorgan Chase for not catching this exception. Is this really the bank's problem? Is this a problem with the monitoring at Ray-Bank? Management needs to know that they own the controls inside their four walls. They have to monitor the transaction flows and respond to any exceptions.

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