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Which activity associated with new or developing technologies does the Financial Action Task Force recommend financial institutions pay special attention to?
Correct Answer: D
The Financial Action Task Force (FATF) recommends that financial institutions pay special attention to non-face-to-face business relationships or transactions when dealing with new or developing technologies. These include digital channels, online platforms, and virtual interactions. The increased use of technology for remote transactions poses unique risks related to customer identification, authentication, and due diligence. Financial institutions must implement robust controls to mitigate these risks and ensure compliance with anti-money laundering (AML) and counter-terrorist financing (CFT) requirements12. References: FATF Opportunities and Challenges of New Technologies for AML/CFT FATF: New Technologies for AML/CFT FATF Recommendation 15: New technologies