To my eye, it looks like it may be a simple overhand knot in one cord with the other cord inserted through it. The knots look more complex, but that may just be the cord flattening out at the knot (it may be a cover over a cord), or see other possible explanation below.
It's hard to see the construction of the purse loops. That could be a piece of fabric that goes through the handle loop and then is stitched in place. In that case, the two colors could be joined under the purse loop.
Another possibility is that the handles are a bit if an optical illusion, which would explain the apparent complexity in the knots. Each handle may actually be one cord; the light-colored cord with a dark cover over roughly half of it. The dark cover ends under the purse loops. The joint of the two ends is concealed in one of the knots, looking like part of the knot.