Roslyn Corrigan tells Time magazine that she posed for a photo with Bush in 2003 at a gathering of CIA officers north of Houston.
She was 16 at the time and attended the event with her mother and father, who was an intelligence analyst.
Corrigan says as the photo was being taken, Bush dropped his hand to her buttocks and squeezed.
Time spoke with seven people who said they had been told by Corrigan about the encounter in the years afterward.
A spokesman for the former president, Jim McGrath, says Bush has apologised "to anyone he may have offended during a photo op."
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