IDEALX Responsibilities for onboarding assistance and approved KYC arrangements. The terms below apply to the service you select and the account details supplied with it.
Definitions and interpretation #
| Term | Meaning |
|---|---|
| Platform | Idealx Platform Pty Ltd, ACN 694 912 126, ABN 83 694 912 126. “Idealx”, “we” and “us” refer to Platform for its services unless this document expressly identifies a different provider. |
| Firm | the professional, advisory, accounting or fund business identified in the accepted Console application or Client Authority, in the role stated there. |
| Console | Idealx’s business interface, including authorised staff access, supported integrations and conversational tools. Access does not by itself confer a financial services licence or Client mandate. |
| AML/CTF and KYC | anti-money laundering and counter-terrorism financing obligations, and the customer identification and verification checks required for the relevant service. CDD means customer due diligence. |
| Business Day | a day other than Saturday, Sunday or a public holiday in Melbourne, Victoria, unless the relevant payment, market or service clause expressly gives a different definition. |
| Client | the individual or legal entity identified as the account holder in the accepted application, including each trustee in its recorded capacity. “You” and “your” refer to that Client, except where this document expressly addresses an individual Console user or Firm. |
| Client Authority | the electronically accepted appointment, permission or deduction authority identifying the Client, authorised person or recipient, accounts, scope, limits and duration. |
A specific meaning or rule in the relevant service clause prevails over a general definition. References to an accepted schedule or record mean the version supplied for that service, not an undisclosed internal policy. Mandatory legal rights and obligations are not displaced by these definitions.
1. Parties and onboarding route #
The accepted onboarding arrangement identifies the reporting entity relying on the checks, the designated services, the supplying Firm, its regulatory status and jurisdiction, and whether Platform is the relying entity or acts as an administrative facilitator. A provider becomes a relying party only through its own approval or a valid authorised acceptance on its behalf. There is no automatic reliance by every Idealx entity, payment provider or broker.
The default is document transmission only. Formal reliance or outsourced verification remains inactive until the required parties approve a completed route record. Select and document one route for each scope: (A) ongoing statutory reliance; (B) case-by-case statutory reliance; (C) outsourced/agency collection and verification; or (D) document transmission only. A Console login does not activate any route. The Firm's AFSL, professional membership or client mandate alone does not establish eligibility for statutory reliance.
2. Formal reliance #
The relying entity must establish the supplying Firm’s eligible regulatory status and document the permitted customer classes, jurisdictions, checks, evidence standards and risk assessment. Ongoing statutory reliance requires the applicable senior-manager approval of this written arrangement. The required KYC information must be obtained before service or within a legally available delayed-CDD period. The Firm must provide verification evidence immediately or as soon as practicable, no later than one Business Day and sooner where necessary for the identified risk. The relying entity assesses the arrangement at least every two years and on material change, more often where risk warrants, and records each assessment within ten Business Days. If reliance conditions fail it must stop reliance and arrange necessary remediation. Valid verification need not be repeated solely because another eligible entity performed it.
For case-by-case reliance, record eligibility, risk justification and grounds for timely access to information/evidence for that customer. It is not a substitute for documenting repeated ongoing arrangements. No contractual immunity from statutory responsibilities is provided.
3. Evidence and service delivery #
The Firm must supply genuine, complete and accurate records of work actually performed, identifying the customer, relevant beneficial owners/representatives, verification date, method, source, scope and unresolved discrepancies as required by the accepted scope. A bare 'KYC passed' statement does not replace required information. No representation is made that every data item is required for every customer; the agreed applicable standard controls.
The Firm must lawfully obtain and share information, preserve evidence for applicable retention periods, maintain access after termination for required records and promptly notify material deficiencies, loss of eligibility, record-access failures or relevant security incidents. Use secure named-user channels. Do not require sharing suspicious-matter reports or protected information where prohibited; escalation and information sharing must respect privacy, privilege, confidentiality and tipping-off restrictions.
Ordinary record exchange is included in this schedule unless a separate price is accepted. No automatic investor KYC fee is created. Remediation costs caused by the Firm's proven breach may be recovered under the proportionate Console indemnity, excluding Idealx's contribution and non-indemnifiable penalties.
4. Residual functions and assistance routes #
Each actual reporting entity retains duties applicable to its services that are not discharged by valid reliance, including its risk assessment, ongoing due diligence, enhanced checks and reporting where required. Allocating performance of a task is not the same as transferring statutory responsibility. Platform does not voluntarily become the reporting entity for another provider merely by operating the interface.
For agency/outsourcing, specify tasks, controls, deliverables and the principal reporting entity. That entity's applicable liability remains; this route must not be labelled statutory reliance. For document transmission, the Firm supplies records and the receiving provider determines their sufficiency under its own process. The receiving provider may accept reusable evidence, request only missing or outdated information, or require fresh checks where justified. No blanket obligation to repeat all onboarding is imposed by this contract.
Reliance does not prove client consent to trades, account mandates or fees; those use their separate evidence. Each provider may impose its own lawful onboarding requirements; Idealx cannot bind a payment provider or broker to accept another firm's checks without its agreement.
5. Approval, suspension and acceptance record #
The agreed arrangement records the selected reliance or assistance route, named parties, eligibility, scope, evidence-access standard, risk assessment, required approvals, review dates and commencement. The Firm accepts through its authorised signatory and the relying entity records its approval. The approved arrangement forms part of the Firm’s Console terms. Relevant privacy and collection notices apply to information shared under it.
The relying entity may suspend new reliance where eligibility or evidence is inadequate and require proportionate remediation. Necessary access to existing records continues. Ending reliance does not automatically end unrelated Console functions. Reliance begins only when the named relying entity confirms its approval.
Platform and the Firm also accept Idealx Console Data and Service Cooperation Schedule for shared records and security. If another Idealx entity is the relying party, its documented accession or authorised agency acceptance is required. Platform cannot bind an unnamed reporting entity solely through the Firm's checkbox.