Facebook has agreed to negotiate a $ 100 million fine with the Federal Trade Commission or the FTC, a regulatory body of businesses in the United States. The FTC approved the fine after investigating allegations of violations of users' privacy data against Facebook.
The FTC's announcement could be reached on Wednesday. Two people related to the matter were told by the news agency Reuters.
As part of the agreement, Facebook has agreed to form a board committee on privacy. The company is also keen to get an executive certificate to protect the privacy of new users. Facebook CEO Mark Zuckerberg will have to sign up every three months to ensure his company is properly protecting user information.
A Washington Post report said Tuesday that the FTC will accuse them of misleading users in managing phone numbers. They will also be charged with the use of two-factor authentication among their widespread accusations.
The US Securities and Exchange Commission is also negotiating a $ 1 million deal to put investors at risk with Facebook's privacy practices.
US policymakers have announced a deal with the FTC amid growing concern over the privacy of online users. Meanwhile, the judiciary yesterday announced a separate inquiry into issues such as antitrust and competition practices among technology companies.
As part of an agreement with the FTC, Facebook is not required to admit their guilt. However, the issue must be approved by a federal judge.
Facebook's record will be the most civil penalty ever recorded.
###No Facebook and FTC officials commented on the matter.