AML compliance for new, small-scale crypto exchanges?

Starting to look into setting up a very small, niche crypto exchange primarily for specific utility tokens, not broad $BTC or $ETH trading. The volume would be minuscule at first, maybe a few transactions a day. I'm trying to wrap my head around the AML/KYC requirements. It seems like even for something this small, the regulatory burden is significant, effectively requiring the same infrastructure as a much larger exchange.

Is there any distinction or lighter touch for very low-volume, limited-scope crypto exchanges in terms of AML compliance, or is it pretty much a one-size-fits-all, regardless of scale?