Spin-resolved electronic and element-resolved magnetic properties of artificial fcc FeCu alloy thin films, grown epitaxially by pulsed-laser deposition in the ordered L 1₀ phase on Cu(001), were studied by spin-resolved valence-band photoemission and soft x-ray circular magnetic dichroism. Valence-band photoemission reveals bands which are present due to the reduced periodicity of the layered alloy films. Dichroism measurements attest that the Fe atoms in FeCu are all ferromagnetic, and carry magnetic moments similar to those of ultrathin fcc Fe films on Cu(001). The Fe orbital moments are found to be significantly enhanced with respect to pure Fe, with an orbital to spin moment ratio of ≈ 0.12. An increase in the number of Cu 3d holes in the FeCu films as well as induced Cu d moments are observed, which amount to ≈ 0.11 μ_B.