As far as I know, GHC makes no assumptions about associativity, or any class-based laws. The effect John observes above is accurate, but it is a direct consequence of the design of Haskell in the Haskell 2010 Report, not any assumptions in the compiler.
Are the different meanings here an "assumption" of associativity? I suppose one could construe it that way, but I just see `do { a; b; c}` and `a >> b >> c` as different chunks of code with different meanings. If the monad in question upholds the associativity law, then the chunks evaluate to the same result, but they're still distinct.
Richard