My university in Germany uses this approach. We have to livestream ourselves from the side so the supervisor can see the whole desk, before each exam we have to authenticate with our Student ID so nobody else can write the test for us and we are allowed to use everything - except direct communication.
This form of testing is called "Open Books" or "Open Material". Before the pandemic we were allowed to bring our books and even handwritten sheets to the exam.
What I like about this is that you don't get points for just remembering things. On the other hand, this probably wouldn't be possible in subjects like economics where you have to remember a lot.
Edit: typo