The IP Geolocation Database (created by MaxMind) used by Regular Labs GeoIP is stored in a file on your server.
The MaxMind GeoLite2 database gets updated on (or just after) the first Tuesday of the month. However, the database file will not get updated automatically on your website.
With a MaxMind License Key entered, you will be able to sync to the latest database manually at any time via the GeoIP system plugin settings.
Also, your database will be synced to the latest version every time you update the Regular Labs GeoIP extension.