Friend needs to open their OWN bank account ... with that kind of money any bank should let them open one.
Once the money is in your account what is going to happen ? Are you just going to give them it all in cash ? Movement of large sums of money will trigger bank paperwork and you both need to file gift tax returns.
Or are you going to dole it out a bit at a time ... what a logistical nightmare and it opens you up to accusations of wrongdoing, theft or fraud. I highly recommend you do not do this favor for your friend as finances can ruin a friendship fast.
