Actually, it should notify the author of the original post, not the admin.
The admin gets notified if there is a post awaiting moderation (approval or disapproval). It uses the "admin_email" setting for that, which you can change on the Options->General page.
If you want that to be a mailing list of some sort, you can do that by putting it in there. Also, I think if you put multiple emails in there, separated by a comma and a space, then it will go to all of them. This is just a guess from looking at the code however, and is not officially supported.