No, that's not accurate. The Lie bracket on the tangent space at the identity has a lot of properties that the group multiplication doesn't.
What you actually need to do is to identify vectors in the tangent space at the identity with vector fields, and then define the Lie bracket of two vectors as the commutator of the corresponding vector fields. I'll quote myself from another thread (with a few LaTeX edits):
A Lie group is a group that's also a manifold. A Lie algebra is a vector space V, with a function (x,y)\mapsto [x,y] from V×V into V, that's bilinear and satisfies the Jacobi identity: [x,[y,z]]+[y,[z,x]]+[z,[x,y]]=0. (So it's like a distributive multiplication operation, but instead of being associative, it satisfies the Jacobi identity). Such a function is called a Lie bracket.
I'm going to describe how to define a Lie bracket on the vector space \mathfrak g=T_eG of a Lie group G. (That's the tangent space at the identity element). We need a few definitions first. Suppose that M and N are manifolds and that \phi:M\rightarrow N. If f is a real-valued function on N, then f\circ\phi is a real-valued function on M, called the pullback of f. We can use the function \phi to define a function \phi_*:T_pM\rightarrow T_{\phi(p)}N, called a pushforward. Recall that tangent vectors at a point are defined as "derivations" at that point, so to specify a tangent vector at \phi(p), we need to specify its action on an arbitrary real-valued function f: \phi_* v(f)=v(f\circ\phi). A vector field is a function that takes each point p (in some open subset of a manifold) to a tangent vector at p. If X is a vector field, the corresponding tangent vector at p is written as Xp. For every real-valued function f, the function that takes p to Xpf is written as Xf. The commutator of two vector fields X and Y is another vector field, defined by [X,Y]_pf=X_p(Yf)-Y_p(Xf). A pushforward of a vector field is defined in terms of the pushforwards of tangent vectors:
(\phi_*X)_{\phi(p)}=\phi_*X_p. Recall that a Lie group G is also a group. For each g in G, we define left multiplication by g as the function \lambda_g:G\rightarrow G defined by \lambda_g(h)=gh. Now we have all the tools we need. Suppose that K,L\in\mathfrak g. Then (\lambda_g)_*K\in T_g G. We define the left-invariant vector field corresponding to K by
X^K_g=(\lambda_g)_*K and the Lie bracket on \mathfrak g by
[K,L]=[X^K,X^L]_e. I hope it's obvious that I have omitted some minor technicalities (e.g. I never mentioned that "left multiplication by g" is required to be a smooth function by the definition of "Lie group"). If you're wondering if I could have used right multiplication instead of left, the answer is yes. The result would have been a Lie algebra that's isomorphic to this one.