Eli5: On social media.. Why do people offer “$1500” in exchange for taking control of or closing a bank account?

Question

Never understood how the process works and how the person offering money benefits from this. What do the IRS and banks (Chase, Capital One, Wells Fargo, etc.) do to get rid of this.

In: Economics

Answer 1

They use it for money laundering / scams I’d presume and then the person who’s account it is ends up holding the bag.