You can see the rules and regulations in other jurisdictions.
Financial services providers can carry out fully digitised onboarding of clients, subject to compliance with know your customer (KYC) and AML/CTF obligations. Under the AML/CTF Rules, electronic verification of client information and data may be undertaken with or without hard-copy documentation. Financial services providers may use safe harbour documentation-based or electronic-based procedures to verify individuals where the reporting entity determines that the relationship with the customer is of medium or lower money laundering or terrorism financing risk. During the covid-19 pandemic, AUSTRAC released guidance confirming that this and the AML/CTF Rules support flexible KYC processes and procedures, and that face-to-face or documentation-based procedures are not required or the only method for meeting KYC obligations.1
You can launch your platform by paying $5000 initially and the rest after 6 months if your business grows