Unable to install/configure Azure AD Connect tool on new Windows Server 2019 Datacenter VM

Hi, Greetings for the day!

We are attempting to configure the Azure AD Connect tool on a Windows Server 2019 Datacenter VM to synchronize profiles from our on-premises Active Directory to Azure AD. While the tool has been successfully installed, the configuration fails when attempting to synchronize using either the Custom or Express Settings approach. The following errors are recorded in the Event Viewer.

Here, we are using an account with Enterprise Admin privileges for the on-premises AD and an account with Global Admin privileges for Office 365. This is a fresh configuration on a new VM. Despite uninstalling and reinstalling the Azure AD Connect software, the issue persists. Also we are using the Azure AD Connect tool version 2.3.20.0.

Please see the screenshot attached for the reference: