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Adding an IP to the Approved IP list will ensure that the Sending IP is not subjected to reputation checks, but the mail will still be scanned by the policies.

As described here , adding a sender or sending domain to the Approved Sender list will ensure the mail bypasses the following checks:
  • IP reputation-based filtering
  • Unknown sender domain check
  • Spam
  • BEC
  • Phishing
  • Social engineering attack
  • Web reputation
  • Graymail

Trend Micro Email Security still performs virus scanning and content filtering on all messages received and takes the action configured in policy rules once detecting any virus or content filtering violation.