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<h1>RBI Warns Banks: No Remittances for Lotteries, Scams, or Fraudulent Offers under FEMA 1999; Strengthen KYC and AML Compliance.</h1> The circular issued by the Reserve Bank of India (RBI) addresses the prohibition of remittances for participation in lotteries, money circulation schemes, and other fraudulent offers under the Foreign Exchange Management Act, 1999. It highlights an increase in scams involving fictitious offers of cheap funds through various communication channels. Fraudsters often deceive individuals into paying fees under various pretexts, leading to significant financial losses. The RBI advises banks to exercise caution and vigilance in handling such transactions and accounts, emphasizing compliance with Know Your Customer (KYC) norms and Anti Money Laundering (AML) standards. Banks are urged to inform customers about these fraudulent schemes.