After a bit of looking around, it appears that the answer is "kind of".
In IAM, an administrator can configure a MFA for another IAM user. Although this may be a bit tricky if you are setting up a virtual MFA, it's possible. Then, if the user has not been granted permissions to update/remove their MFA, it is effectively required.
While I have not yet determined the complete list of actions that should be denied (or simply not granted), this post seems to have the information, and I will update this answer once I have tested it.
I was able to setup users as power-users (thereby not granting them access to an IAM functions, although I'm sure you could get more granular), and implement their MFA with them. Using this methodology, they will be unable to disable it.