I think this is the same with the FB ads offer and they'll be giving you too good to be true rate for using your own identity. It's clear that you're paying for the risk of your agent but I don't think it's worth when it is your name that's at stake.
@OP who's this client of yours? is it a legal business or you can't disclose its name?
The good rate is because it is nearly impossible to create a fully isolated Google Ads account today. This is the best way we could think of to accomplish this. All of our campaigns are whitehat and range from e-commerce to affiliate to lead gen.
I still have a few spots to fill so PM if you are interested.