From: AAP March 25, 2011 11:30PM

http://www.heraldsun.com.au/news/breaking-news/woman-arested-over-money-laundering/story-e6frf7jx-1226028394886

A FORMER bank employee has been arrested over an alleged conspiracy to defraud a number of major banks of up to $100 million in North Sydney.

A 34-year-old woman was arrested after she attended North Sydney Police Station by appointment this afternoon.

She has been charged with money laundering; participating in a criminal group; dishonestly obtaining a financial advantage; and dealing in identity information with intent.

The arrest is the result of ongoing inquiries to investigate the theft and laundering of more than $1.1 million from a customer's account at a major bank.

The woman was refused bail to appear in Parramatta Bail Court tomorrow.

Two men - a 30-year-old former Westpac employee and a 57-year-old unemployed Victorian man - were arrested in September and October last year and charged with various offences relating to this fraud.

On March 24, police also arrested a 36-year-old fruit and vegetable vendor in relation to the incident.

It will be alleged that several people were involved in this criminal conspiracy. This includes two former bank employees, who used their inside knowledge and expertise to steal more than $1 million dollars from a legitimate Westpac account.

False bank accounts were allegedly set up using genuine details belonging to visiting foreign nationals to launder stolen money.

"As a result of these inquiries we will also allege that there is significant evidence of a conspiracy to continue perpetrating fraud on several banks," The Rocks Local Area Commander, Superintendent Garry O'Dell, said.

Supt O'Dell said further charges and at least one further arrest are expected.