In case anyone else finds this helpful, I had to add a bunch of exclusions in the Anti-Malware and the Anti-Ransomware rules:
/usr/libexec/syspolicyd
/System/Library/Frameworks/CoreServices.framework/Versions/A/Frameworks/Metadata.framework/Versions/A/Support/mds_stores
/System/Library/PrivateFrameworks/XprotectFramework.framework/Versions/A/XPCServices/XprotectService.xpc/Contents/MacOS/XprotectService
/Volumes/.timemachine/*
/System/Volumes/Data/.Spotlight-V100/*
/System/Library/CoreServices/backupd.bundle/Contents/Resources/backupd
/System/Library/PrivateFrameworks/DiskImages.framework/Resources/diskimages-helper
/System/Library/Frameworks/CoreServices.framework/Versions/A/Frameworks/Metadata.framework/Versions/A/Support/mdworker
/System/Volumes/Data/System/Library/Frameworks/CoreServices.framework/Versions/A/Frameworks/Metadata.framework/Versions/A/Support/mdworker
The Anti-Ransomware is popping up and empty window during the backup saying no files were affected, but the backups are now finishing. Checkpoint is still addressing the pop-up window.