Another anon here: Your brass should stop worrying about trying to get justice or vengeance done on this customer, and instead be much more concerned about the failures in processes that allowed this to occur. (Meaning: where was the hold on those checks deposited via mobile? Why did a brand new customer have access to mobile deposits? Why was he allowed to spend or withdraw - in cash!? - more than his available balance? -- those sorts of issues are more pressing than 314b).
But IMO, if cash is stolen/illicit, and your customer touched it, money laundering happened. His transactions were designed to disguise the source, control, or location of the money (it's a little bit of twisty logic, but, when he made the cash withdrawals, he didn't want your bank to know that the source of those funds was a bogus check, yes?), which is all that is needed for an allegation of money laundering to be lobbed at him by a patrol car, so that should be more than enough for bankers too, as long as we have no moral imperative to adhere to the constitution more closely than law enforcement does.