The air con pulley has a kind of slip bearing on it which would make this noise if the air con is off. Turn the air con on and see if the noise stops when the clutch on the pump engages.
it definitely sounds like something attached to the belts rather than the engine itself.
I had an old e36 4pot which had the pulley with the knock sensor on it. That bearing failed and allowed the pulley to move forward and back. Try pulling each pulley away from the engine and if one moves, it is a good place to start