Records Management: Event Based Label not working

Hello Tech community,

I created an event based labeling policy as follows:

1: Created an event type

2: Created a file plan to retain files & classify as a record based on an event

3: Published the label to SharePoint and OneDrive

I manually entered a Compliance Asset ID value, ex: ABC123 to a file in SharePoint

I triggered an event based on the 'event type', provided the keyword ABC123

Expectation: The retention label is automatically applied to the file, however, I do not see it applied. The policy was created a week ago, so it cannot be a timing sync issue

Thanks!!