P2P Currency Exchange Platform requires AML compliance?

Any service that interfaces to real financial system needs regulatory compliance. To give example, Singapore has ruled that bitcoin can be considered akin to a virtual game counter, but as soon as it is exchanged for real goods/services, then GST (and the usual fiscal reporting) is expected. China startups tried using mobile phone but got shut down. Now anything which is bitcoin related that has a real point of presence needs to comply but for private blockchains, it can be considered an internal accounting mechanism. So far the startups I've observed are trying to handle low-value transactions that fall below the mandatory reporting requirements but make no mistakes, as soon as you deal with real money, you need to follow the law.