Found in Yu-Be moisturizing skin cream
This waxy acid is found in a huge array of products that range from animal derivates to fragrance and of course skincare. It is indeed a fatty acid and its structure emphasis this, with the characteristic carboxylic acid group on the end and a long aliphatic, hydrocarbon chain.
It is used as a surfactant (compounds that lower the surface tension between two liquids or between a liquid and a solid) and/or an emulsifier (a substance that stabilizes an emulsion by increasing kinetic stability).
It used so much in skincare because, as stated above it has the magical ability to allow waters and oils to mix. Meaning the products produced can stay potent for a longer period.
It has natural and manufactured productions. In nature, it is found in the fats and oil of animals and plants.
*Picture courtesy of Sigma Aldrich