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VSE 8.8 Scan for threats.. pop up

I’m having strange problems with McAfee VSE 8.8 on Windows 8.1. My company is using Memeo C1 product to share files between users (MemeoC1 it's something similar to DropBox). However when the client application is installed on Win8.1 McAfee starts triggering Scan for threats alerts:


My test machine is a fresh Win 8.1 install with nothing else installed.

I have tried creating ePO policy to exclude the MemeoC1 folder (and subfolders) from the On-Access scanner to no avail.

Just to confuse matters I'm not having any issues on Windows 7 or Windows 10 - McAfee and Memeo C1 live side by side without any problems.

Any suggestions what else I can try?