The arrest is the latest arising from an ongoing investigation into a major hacking and identity fraud ring said to have been headquartered in Australia.
Two weeks after announcing its 28th arrest in the case, the police arrested a 28-year-old man at his residence in Carnes Hill and charged him with three counts of dealing in the proceeds of crime.
Detectives allege he hacked a bank account not belonging to him in April 2013, when he transferred $98,000 into his own account.
Last year NSW Police began investigating fraud offences after discovering a number of electronic devices during a search of a property in Sydney's Rocks area.
The resulting investigation uncovered what police allege was a hacking, identity crime and fraud syndicate which used the former Costa Rica-based Liberty Reserve system, shut down by the US Government last year due to its links to online organised crime