Thought about it. Got no license yet know what i do. The way to overcome it (until one get's permission/licenses) is to strike a legal agreement with ,,investor/client" with a help of a lawyer, as if you're borrowing those monies for 24 months etc. Shady part comes when you have to pay out profits. Noneless you pay all of the capital gain taxes except for those that involves running a bis. The most limiting episode : one has tu finish 4 years studies in finance or have at least a year of exp in finance related firm to be allowed to take the exam.
Are you asking about AFSL? it is not just about money laundering it is a proper licensing regime to manage other peoples money or even to give trading advice ...or even to sell "trading Guru " type services!
Without a license your options are limited. If it was me I would probably form an LLC with my investors and the LLC would be trading its own funds. Another way perhaps could be through the creation of a unit trust (Mutual fund) and again, the trust would be trading its own money. I'm suspecting that the tax implications would differ depending on what structure is chosen and in which state you register. I believe that in the case of the LLC, you will pay company tax rates , but in the case of the unit trust, the tax rate would vary depending on Investor's income. Therefore, a unit trust could be a better option for some people. In either case, the problem would be to find investors who will trust you.
Yes that's probably the quickest and easiest to setup but you'll run the risk of being dobbed in. Do you want to live in fear of being fined or sent to jail? Its not worth it. It is a hassle and there will be some costs involved so it might only suit bigger clients.