Yes! There is an Attendance tool that allows you to record student attendance at each class session. It also allows attendance to be included in final grade calculations in the Grade Center.
If you would prefer a more active approach to attendance tracking, you may wan to consider a "what did you learn today" written exercise or short quiz whereby students not only earn points toward their score in the class but faculty can inherently see the participation level of students. Students who miss these exercises could be penalized accordingly. Students can take some tests or write a response to an Assignment from a mobile device, which makes it an easy in-class activity.