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I believe you do not need to record every stream, you only need to monitor them and make sure that nothing happens what is against the regulations or the websites rules.
Since you can not control live content, you need to make sure that no unregistered person appears on the feeds. If you get caught with a screenshot or recorded session where the persons are not registered, you'll be sorry. Thats why live cam sites need 24/7 control.
Governmental identificational documents are required, some sort of a signed agreement is required as well. I suggest to try registering a model account somewhere and check the agreement they require. You'll see what documents are needed while registering.
Also you should check the model rules on cam sites (usually a modell account is required to reach them) , this way you can put the actual requirements/regulations together for live content.
Cheers
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