Mike Pompeo warns all banks to end dealings with Iran's Revolutionary Guards

US Secretary of State Mike Pompeo on Monday warned all banks and business of consequences to dealing with Iran's Revolutionary Guards after Washington designated the elite unit a terrorist group.

"Businesses and banks around the world now have a clear duty to ensure that companies with which they conduct financial transactions are not conducted with the IRGC in any material way," he told reporters, using the acronym for the Islamic Revolutionary Guard Corps.