How to hold posts and accounts for moderation on WordPress Network site

In WordPress MU is there a way for a network admin to hold posts in moderation?

For example:

  1. A user creates an account and a site
  2. They create their first post
  3. The post is held in moderation and the network admin receives an email
  4. The network admin approves the post and / or the account
  5. The user can now see the post or can create future posts

I think other sites like Discourse have this feature where the user is granted more permissions either over time or from a network administrator.