A US judge has approved the agreement reached by Facebook and the FTC last year. These included a $5 billion fine for Facebook and the promise of reforms after privacy violations.
With the approval of a US judge, the agreement reached last summer is a fact. That means Facebook will have to pay the largest fine ever imposed by the FTC. The amount of 5 billion dollars was imposed by the American trade watchdog after privacy violations, including with Cambridge Analytica.
The agreement also affects Facebook’s business operations. For example, it has been agreed with the FTC that changes will be made at board level by setting up an independent privacy committee. There will also be compliance officers who will report progress to the FTC in quarterly reports.
In a post on its website, Facebook says it will stick to the promised changes, and that these have already been implemented to a large extent. However, the new privacy commission has yet to be installed.