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FATF Recommendation 8 emphasizes the necessity for financial institutions to adopt strategies that mitigate the risks associated with non-face-to-face relationships. Given the potential vulnerabilities that arise when individuals do not engage face-to-face, such as increased risk of identity theft and fraud, it is crucial for financial institutions to implement robust measures to ensure customer identification and verification processes. These measures might include enhanced due diligence, verification through additional documentation, or utilizing technology such as biometric verification to confirm identities.

This focus on risk mitigation is vital because non-face-to-face transactions can be more susceptible to abuse by money launderers and other criminals seeking to exploit the anonymity of online interactions. By prioritizing risk mitigation, financial institutions can better protect themselves and their clients from financial crimes.