The Flash Player is set to "Never check for updates" from the control panel Flash Player applet. The mms.cfg was set to:
There's a time after restarting the machine the "Update Adobe Flash Player" will popup. Using the Process Explorer, it's coming from FlashUtil32_xx_x_x_xxx_ActiveX.exe in C:\Windows\SysWOW64\Macromed\Flash with a parameter of -update activex.
So, what is triggering the executable to run after restarting the machine?