A storefront you own, on the AWS account you already have.
What you run on your own AWS, how a source-code license differs from a hosted shop, and what version 1.2.0 leaves out.
FatLeon Commerce 1.2.0 runs in an AWS account you control. These are the services the shop uses, and the accounts that stay outside it.
A hosted shop is a store the vendor runs. FatLeon is source you deploy on your AWS. The license is one-time. AWS, email, and payments stay your accounts.
Standard and Agency are the same FatLeon Commerce codebase. Standard is for stores you operate. Agency also covers stores you build for clients, including a handoff of that one project.
FatLeon Commerce 1.2.0 has no per-country tax engine, does not refund through Stripe or PayPal by itself, ships with guest checkout off, and uses one currency per store.