The American online social media and social networking service firm, Facebook, on Wednesday, accepted to pay a record $5 billion to settle an ongoing investigation into allegations of privacy violations, it was gathered.

The settlement with the United States Federal Trade Commission (FTC) also said the company will increase its board members for additional oversight of its privacy policy, according to several U.S. media reports.

Facebook has long denied allegations of compromising user data to advertisers, amongst other claims. But the latest settlement will also see CEO Mark Zuckerberg relieved of final authority over privacy decisions.

An independent privacy committee of the company’s board will now take final decisions on issues bordering on users’ privacy. Billions of people use Facebook and its subsidiaries, which include Instagram and WhatsApp.