"Potassium" refers to the alkali metal potassium, "lauroyl" to the ingredient lauric acid, "wheat amino acids" to amino acids derived from wheat proteins.
Potassium lauroyl wheat amino acids is used in cosmetic formulations. The substance acts as an antistatic agent (reduces static electricity by neutralizing the electrical charge on the surface, e.g. of hair) and as a combability aid (reduces or prevents tangling of the hair due to changes or damage on the hair surface and thus improves combability).