The arrest in the downtown core on Thursday morning came after an eight-month investigation by officers with the fraud unit, police said in a news release.
Neither the 47-year-old woman nor her employer were identified by police.
Details on how the fraud had been carried out were not provided either, but police allege the accused attempted to conceal her actions by laundering the money through purchases, transfers and payments onto her personal accounts.
The woman has been charged with fraud over $5,000 and laundering proceeds of crime.
She is scheduled to make a court appearance on April 29.