Money is laundered in three ways: by hoarding, by moving cash directly in and out of the country, and by using financial institutions. Three significant aspects of the Money Laundering Control Act are (1) amendments to the Bank Secrecy Act, which involve the crime of structured transactions, deal with the concept of exempt customers, and increase civil money penalties and criminal penalties; (2) money laundering is specified as a crime; and (3) amendments to the Right to Financial Privacy Act, which clearly indicate that a financial institution can notify a government agency of a possible violation of any statute or regulation. It is concluded that the act has substantial impact on financial institutions, banks in particular. 1 chart.