A former National Australia Bank executive has been charged over her alleged role in a $40 million bank fraud.

Rosemary Rogers allegedly accepted $5.4 million worth of bribes in the form of paid personal expenses from contractor Helen Rosamond to maintain the contract and approve overstated invoices.

An NAB spokesperson said, police have confirmed no one at NAB is under investigation, including former CEO Andrew Thorburn, and there is no suggestion of any wrongdoing by anyone at the company.