Facebook and its CEO, Mark Zuckerberg, face intense scrutiny after Cambridge Analytica obtained the personal data of a total of 87 million Facebook users.
Facebook will also be granted access, within the agreement, to documents obtained by the United Kingdom Government from Cambridge Analytica, which the company said, that it will use to further investigate the problem.
Harry Kinmont, an associate with Facebook's General Board, said in a statement that the company wanted him "to do more to investigate claims by Cambridge Analytica in 2015" and that it had made "major changes".
"Protecting people's information and privacy is a top priority for Facebook and we continue to build new controls to help people protect and manage their information," Kinmont said.
ICO Deputy Commissioner James Dippel-Johnstone said in a statement that protection of personal data is "essential" to " maintaining a strong democracy "
" We are pleased to hear that Facebook has taken and will continue to take significant steps to comply with the basic principles of data protection, "he added.