As the fallout from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Royal Commission) continues, key Australian regulators are increasingly focused on more robust enforcement as a primary tool to address misconduct by financial services institutions. At the same time, their ability to do so effectively is being substantially augmented by the introduction of a range of new enforcement powers that have been proposed for the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA). Amongst those new powers, the implementation of the Banking Executive Accountability Regime (BEAR) also marks a clear shift in the historic role of APRA as a supervision-led agency to one with far greater potential to use the courts to enforce standards of behaviour in the banking sector. Meanwhile, the Australian Competition and Consumer Commission (ACCC) and the Australian Transaction Reports and Analysis Centre (AUSTRAC) are increasingly using their substantial existing powers to intensify their focus on financial institutions.