This one didn't help at all. I have requested AWS to remove restrictions on emails and I am just waiting to see if that helps.
After setting up SMTP, it gave the following error.
EMAIL DELIVERY ERROR: the plugin WP Mail SMTP v2.4.0 logged this error during the last time it tried to send an email:
Mailer: Other SMTP
SMTP Error: Could not authenticate.
Consider running an email test after fixing it.